(I am assuming yellow on top for the last layer)
Orientation means "the piece is rotated so the yellow sticker is on top"
Permutation means "the piece is at the right place"
4 look last layer means that you look at the last layer 4 times before it is solved.
In reality, this means you do
1) Edge Orientation (1 of 3 algs)
2) Corner Orientation (1 of 7 algs)
3) Corner Permutation (1 of 2 algs)
4) Edge Permutation (1 of 4 algs)
All without repeating any alg.
After edge-orientation, you will have a yellow cross on top
After corner-orientation, the entire top will be yellow
After corner-permutation, all corners are in the right place
After edge-permutaion, all edges are in the right place and your done!
Any method could get you below 20 seconds with a lot of practice, but in reality 45 seconds would be the limit of most beginner methods. You could keep on practising and improve slowly, or you could learn a more advanced method and improve faster