The 'equ' line gives the name 'PORTD' to the numeric value 0x0B (in hex. That would be 11 in decimal.) Using the name 'PORTD' later in the program will get you that numeric value in the executable code.
Each 'ldi' line takes a value given in the instruction and loads it into a register. Each 'out' line sends a value from a register to an I/O port.
So the first ldi/out pair sends the value 0x30 to the port whose port-number is named 'DDRC'. That's probably the data-direction register for PORTC.
The second ldi/out pair sends the value 0b11111001 (the same as 0xF9) to the port whose port-number is named 'PORTD', which was set up in the equ line.
It's hard to say what these do; they don't seem to work together at all. Setting the DDRC register that way would set two pins on PORTC as output and the others as inputs. Driving PORTD pins high and low is on a completely separate port.
Best is to get the data book for atmega88 http://www.atmel.com/Images/doc8271.pdf
to explain all the ports and peripherals, and http://en.wikipedia.org/wiki/Atmel_AVR_instruction_set
(or the link it has to the Atmel doc) for a description of the instructions.