The List Builder functionality is a tool available in GC Video that allows you to pull specific recipient lists for delivery of a GC Video page. The List Builder allows Administrators to define specific groups of donors and/or advocates. For more information on building an email within Spotlight, check out this GiveCampus University article.
Key Terminology
Condition - these are categories by which you are defining the recipients - in this case donors or advocates.
Groups - groups allow you to combine conditions that do not impact other elements of the query logic. For example, if you had the following logic:

The result of the above would be a group of recipients that either advocates for OneDayOneDemo OR made a one-time OR recurring gift to the campaign. However, by using groups, you could have this query logic:

The results are now much more precise, in that you are looking at constituents who advocated for OneDayOneDemo AND made either a one-time OR recurring gift to the campaign.
Groups are a fantastic tool for combining many different conditions.
And/Or - Within List Builder, there are two different types of logic that you can apply to combine conditions “And” or “Or”. In List Builder, these read as “At least one condition must be met”, which is the “Or” logic; and as “All conditions must be met”, which is the “And” logic.
Generally, an “All conditions must be met” will return a narrower pool of recipients while “Any of the conditions must be met” will return a broader group of recipients. For example

The above constituent group uses the “All Conditions must be met” logic, so to appear in this group, the constituent must have made a one-time gift AND a recurring gift to the campaign.
Meanwhile, if the same conditions are combined with “At least one condition must be met”:

This query would return all donors who made either a one-time gift or a recurring gift.