Ok, think of "sum" as a cardboard box that can hold a number. Before you start, what number's going to go in that box? We'll say 0 for now. I'll come back to this.
For integer i from a to b do
A 'for loop' is a typical way of doing something repeatedly a number of times. Think of an integer as a way of saying 'we're using numbers here'. i is another box, like sum.
Here's what happens.
A box with 'sum' written on it has the number 0 in it.
We're going to look at a box called 'a'. Whatever number's in that box we're going to put in a box called 'i'.
Now, we're going to keep increasing the number in the box called 'i' until it equals the value in another box called 'b'.
Every time we increase it, we're going to do this:
sum = sum + i
Which means take the number out of the box called 'sum', add the number in the box called 'i' and put it back in 'sum.
Let's try an example.
Suppose a=2 and b=4
sum = 0
we start the for loop...
i = 2
sum=sum + i (sum=0+2=2)
i = 3
sum = sum + i (sum = 2 +3 = 5)
i = 4
sum = sum + i (sum = 5 +4 = 9)
woa, i = 4, let's stop.
sum now equals 9.
In programming terms, the 'boxes' above are called variables. They're just a place that stores the value of a number (whatever variables are supposed to store, they always actually store numbers).
Now look back at that example. If you'd started that code with sum=1, you'd end up with 10 instead of 9...
Let's look at 'b'.
It's essentially doing the same thing for the first two lines.
The third line is a bit more complicated. Let's look at 'mod'.
Modulus is 'the remainder'. If I have 1050 mod 1000, I'm left with 50. 50 is the remainder.
So what is "i mod 2". Well:
0 mod 2 = 0
1 mod 2 = 1
2 mod 2 = 0
3 mod 2 = 1
4 mod 2 = 0
.... it tells you which numbers are 'odd'.
So this line is saying:
IF i is an odd number THEN multiply product by it.
An example.
Suppose a = 2 and b = 4
product = 1
i = 2
if i is an odd number ... no need to continue, it isn't.
i = 3
if i is an odd number, then product = 1 * 3 = 3
i = 4
if i is an odd number ... it isn't.
i is the same as b, stop.
product was 3!
Hope that explains it. Email if you're still unsure.