beginner help- what do these knitting terms mean?

[StephenFrySaidSo]

"Inc K-wise into next stitch" and "Inc P-wise into next stitch"

I'm guessing K-wise and P-wise = knitwise and purlwise but what do they mean? and what does the 'Inc' mean?

Inc is increasing so you are increasing either knitwise or purlwise

Is it a way of making three stitches out of one?

It is a way of increasing the number of stitches in a row. Either on a row where you are knitting or a row where you are purling.
To do so you need to knit into the front and the back of the stitch. So go to knit it as normal and then before you slip the stitch off the lh needle knit into the back of it as well.
It is easier to understand of you watch a video. There are loads on YouTube. Just type kfb or pfb into the search bar.

Hth

Agree to youtube! I often look stuff on there for stuff I don't do very often!

thank you- I am useless with terminology so will try youtube.