Split is a convenient function which takes a string and creates an array from it. It's best understood with an example:
Take this string:
var mystring = "Hello, my name is Slime";
and run split on it, splitting it on spaces (" "):
var myarray = mystring.split(" ");
myarray now contains the following values:
["Hello,", "my", "name", "is", "Slime"]
Basically, the split function literally splits the string every time it finds what you specified (in this case, the space character), and makes an array of everything inbetween.
So, now, let's assume that you have the string "name=value", and you run split("=") on it. You get back the array ["name", "value"]. This makes it easy to get the name and value of a cookie. You can get the value by doing this:
var nameandvalue = document.cookie.split("=");
var value = nameandvalue[1];
Or you can skip the inbetween step and just do it all at once, like this:
var value = document.cookie.split("=");
Make sense?
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OK, having explained that, I'd like to warn you that that code probably won't work. document.cookie contains a lot more than just a single "name=value" pair. Rather, it usually contains multiple pairs, one for each cookie which has been saved. I think they're separated by semicolons, like "name=value; name2=value2; name3=value3".
For more information on cookies, check out the FAQ, I think there's a bunch of info in there on them.