So, I don't believe I received any correct answers. In fairness you really have to have been doing #demoscene style stuff on a 32 bit #Motorola 68K (020 or so) processor to get it. I don't think I would've figured it out myself, but one other friend did guess, by looking at it.
The answer is this is a texture mapping routine. My friend guessed because of the two steps at the end.
(Cc @a13cui)
