Confused on a pattern, is it the terminology?

To bind off my oregon tote it says bind off in knit-cord. Is this the same as I-cord? I also dont understand the directions. It says cast on 3 stitches at the beginning of the next round,Knit 2, knit into the backs of the third cast on stitch and the first bag stitch at the same time, (one stitch is bound off) return the remaining 3 stitches to the left hand needle. repeat rows 2-3 until 5 stitches have been bound off.
I feel so stupid asking, but I cant even visualize what this all means and where my needles go and what I am suppose to do. Can someone explain it in plain english. I could not find anything in the video section but it sure made me realize I need to order the CD and fast.

This is one of those things that you just have to DO to see how it works. Basically, you’re putting on three extra stitches to the end of your left needle, right?

You knit the first two of these and then knit the last one together with one stitch from your bag.

Then you put the three stitches from your right hand needle back onto the left needle and knit the first two, and then knit the last one together with a bag stitch.

Keep putting them back on the left hand needle and doing the same thing in this case, until you have taken 5 bag stitches.

Clear enough?