Code:
if ((%floodkreenpizza) || ($($+(%,floodkreenpizza.,$nick),2))) { return }


If the variable %floodkreenpizza exists OR the variable %floodkreenpizza.$nick exists then do this { Return }

if we didn't return, continue


set a variable named %floodkreenpizza.$nick for 10800 seconds.


This means that this variable will be set. If the command is used again in the next 10800 seconds, we will return when we check if the variable exists.