Lets break it down.
IDLE 2.6.2
>>> a = ['Mary', 'had', 'a', 'little', 'lamb']
>>> for i in a:
print i
Mary
had
a
little
lamb
>>> for item in a:
print item
Mary
had
a
little
lamb
>>> #So it can be anything you whant(i,item,element.....)
>>> #The for loop iterates over elemen in a
>>> i = 'Mary'
>>> i
'Mary'
>>> i = 'had'
>>> i
'had'
>>> i = 'a'
>>> i
'a'
>>> #So the for loop assigning each element in a to i
>>> for i in range(5):
print i
0
1
2
3
4
>>> len(a)
5
>>> #So the last part that you have combine this 2
>>>