Is this kind of thing available on the Arduino?

I just saw this BASIC stamp code.

SHIFTOUT sda, sclk, MSBFIRST, [1\4,wy\12,0\1]

Looking at the syntax of the shiftout routine - are these bitwise ops available on the Arduino?

Shiftout functionality is similarly supported.

http://www.arduino.cc/en/Reference/ShiftOut

From your example it looks like it might be trying to bitbang I2C communications. If that's the case, then you're much better off using the Wire library to utilize the hardware I2C support.

http://wiring.org.co/reference/libraries/Wire/index.html