char str_a[20]; // a 20 element character array
char *pointer; // a pointer, meant for a character array
char *pointer2; // and yet another one
The first line creates and allocates memory to 20 characters.
The other two only create pointers to nothing. These pointers can be used to point to a memory region, what means that you can store an address (number) inside them.
strcpy(str_a, "Hello World\n");
This line copy "Hello World\n" to str_a (an allocated memory - OK).
pointer = str_a; // set the first pointer to the start of the array
printf("%p\n", pointer);
Now, we copy the address of str_a to pointer variable. These two variables can be used the same way. They point to the same memory. The memory address pointed is printed.
pointer2 = pointer + 2; // set the second one 2 bytes further in
printf("%s", pointer2); // print it
Here we copy an address (a number) too, like it was done before, but we add 2 to de address. So, if str_a and pointer point to a position X, now, pointer2 will point to X+2 (X is a number, the memory address of the block). We know that this block (str_a) has the content "Hello World\n", and then, pointer2 points to a position 2 chars to right: "llo World\n". This only means the address number stored by pointer2 points to this position, but the allocated block contains the whole sentence yet.
strcpy(pointer2, "y you guys!\n"); // copy into that spot
printf("%s", pointer); // print again
Now, we can see a copy of characters to the address pointed by pointer2. So, the first two characters are outside of the copy location, and "y you guys!\n" will be copied to position 2 of str_a, that is position 0 of pointer2.
The result: "He" (two first characters of str_a untouched) + "y you guys!\n" (the copied characters to pointer2) = "Hey you guys!\n"
If you print pointer2, you will see "y you guys!\n".