The line "[operation] or [error condition]" will attempt the operation on the left. If it succeeds, the program continues on the next line, ignoring the part about the error condition. If it fails, the error condition will execute instead. This might be something like "open file or die".
Likewise, "[operation] and [success condition]" will attempt the operation on the left, and if it succeeds, perform the operation on the right. This might be something like "read input and process it", which will perform the (possibly expensive) processing step only when input is received.
Code written in this style is sometimes, but not always, faster to execute. It's also sometimes, but not always, clearer.
See also http://en.wikipedia.org/wiki/Short-circuit_evaluation