& is the bitwise and operator, in this case you're anding ver_ihl with 0xf which has the effect of clearing all the bits other than the least signifcant 4
0xff & 0x0f = 0x0f
ver_ihl is defined as first 4 bits = version + second 4 = Internet header length. The and operation removes the version data leaving the length data by itself. The length is recorded as count of 32 bit words so the *4 turns ip_len into the count of bytes in the header
In response to your comment:
bitwise and ands the corresponding bits in the operands. When you and anything with 0 it becomes 0 and anything with 1 stays the same.
0xf = 0x0f = binary 0000 1111
So when you and 0x0f with anything the first 4 bits are set to 0 (as you are anding them against 0) and the last 4 bits remain as in the other operand (as you are anding them against 1). This is a common technique called bit masking.
http://en.wikipedia.org/wiki/Bitwise_operation#AND