Consider this code:
x = 1 # 0001
x << 2 # Shift left 2 bits: 0100
# Result: 4
x | 2 # Bitwise OR: 0011
# Result: 3
x & 1
I didn't see it mentioned above but you will also see some people use left and right shift for arithmetic operations. A left shift by x is equivalent to multiplying by 2^x (as long as it doesn't overflow) and a right shift is equivalent to dividing by 2^x.
Recently I've seen people using x << 1 and x >> 1 for doubling and halving, although I'm not sure if they are just trying to be clever or if there really is a distinct advantage over the normal operators.