Bit shifting is an operation on a binary number where all the bits are shifted to the left or the right. It can be used to efficiently divide or multiply by powers of 2, or for extracting subsets of bits from bytes or larger chunks of data.
Here is what a logical left shift looks like:
And this is what a logical right shift looks like:
To find this cache you will need to convert the numbers below to binary, bit shift them by the given number of places and convert them back to decimals. Once you have done that, substitute the result into the coordinates to find the final location.
Shift to the right by 4 places for the latitude:
Latitude: 42323488 >> 4 -> S ?? ??.???
Shift to the left by 2 place for the longitude:
Longitude: 3826757 << 2 -> E ??? ??.???
You can read more about binary to decimal conversion on wikipedia here: http://en.wikipedia.org/wiki/Binary_number#Decimal
You can read more about bit shifting on wikipedia here: http://en.wikipedia.org/wiki/Logical_shift
Swaps and an FTF prize can be found in the cache.
Good luck and Have fun 
You can check your answers for this puzzle on GeoChecker.com.