Line 3 is giving you the description to do the cable.
Line 8 means to knit the 2 previous rows 4 more times which would be a total of 10 rows. On the very last row you increase or add 2 sts evenly spaced. That would be about 1/3 and 2/3 the way across.
Line 9 means to knit 11 stitches, do p2 k2 4 times, then p2 k11.
I don't know how to convert this to loom knitting, the other group may be able to help you more.
sue- knitting heretic