Hi,
SIUL2.MSCR[PC11].B.OBE = 1; /* Pad PC11 - Red LED. */”
This line is configuring SIUL2 unit MSCR11 register. Those registers control multiplexer, in/out buffers, etc..
They are configuring pads for desired functions.
This one sets output buffer enable for PC11 at your test board. Looks like PC11 is connected to red LED.
But really, you should get first reference manual from our web. Second if you wan to use our examples its also good to understand C language (at least basics).
PPC architecture itself is quite complex to explain on forum and also the peripherals, buses, memories on MPC5744P are quite advanced.
As James wrote you should start with some simple trainings or at least read reference manual introduction chapter to have a clue how complex is it.
Peter