The 
either means one of these two round objects in your head, which allow you to see or it means "I," the person who is talking.
A 
is either an insect which gathers honey, or it represents the verb "to be" which means to exist. Again, it may be the first part of a verb like "be-come" or "be-have."
In this particular instance it is followed by 
which means a "leaf" or "leave" or "lieve" (the sound of all three words is the same).
The "eye" you know all about.
Finally you get the picture of a 
It is a giraffe. It is part of the old sign-language out of which the hieroglyphics developed.
You can now read that sentence without much difficulty.
"I believe I saw a giraffe."
Having invented this system the Egyptians developed it during thousands of years until they could write anything they wanted, and they used these "canned words" to send messages to friends, to keep business accounts and to keep a record of the history of their country, that future generations might benefit by the mistakes of the past.
