i can only guess, but i assume it stands for an logical operator combined with setting a variable (like ^=, +=, *= in other languages)
so x ||= y
is the same as x = x || y
edit: i guessed right, see http://phrogz.net/ProgrammingRuby/language.html#table_18.4
x = x || y
means: use x if set, otherwise assign y. it can be used to ensure variables are at least initialised (to 0, to an empty array, etc.)