A pointer is a variable that stores the memory address of another variable. A double pointer stores the address of a pointer variable. In the example code, a double pointer p2 stores the address of a single pointer p1, which stores the address of an integer variable v. The code then prints the value of v using the single and double pointers to demonstrate this. Pointers allow arithmetic operations like incrementing and decrementing to move the pointer to the next memory location without changing the actual variable value. A function pointer is a pointer that points to executable code in memory, allowing a function to be indirectly called through the pointer variable.