"What it does" depends on the concrete values of all those little ms and ts, but usually this is used to change from one coordinate system to another. (maybe tc=transform coordinates ?)
You will find lots of examples for this kind of transformation in any linear algebra or computer graphics book. If you intend to read and understand the code of 3d computer games, you should learn the basics of Vector / Matrix maths. It's not as difficult as it may look in the beginning.
@Taiko: don't forget that the 2x2 matrices form a 4-dimensional vector space, so all your precious matrices are by definition vectors.
