I usually see this when looking at Win32 gui code. My assumption is that it is a standard bitwise or, but I also occasionaly see it in C#, and it seems like there would be a better (well higher level) way to do the same thing there. Anyway, here's an example:
MessageBox(NULL, "Window Creation Failed!", "Error!", MB_ICONEXCLAMATION | MB_OK);
Thanks,
Seamus