M stands for the Meta key. Commonly represented by the Alt/Option/Esc key on your keyboard.
C stands for the Control key.
Example -- C-k means 'hit k while keeping Control pressed.'
M-.
Yank the last argument to the previous command.
M-C-y
Yank the first argument to the previous command.
C-k, C-w, M-d, C-u
All these kill text in different ways and save it in the kill-ring.
C-y
Yank most recent item from the kill-ring.
M-y
Immediately follows a C-y. Cycle through the kill-ring.
!!
Substitute the previous command (e.g. sudo !!)