auto_increment_increment controls the interval by which the column value is incremented. For example:

mysql> SHOW VARIABLES LIKE 'auto_inc%';
+--------------------------+-------+
| Variable_name            | Value |
+--------------------------+-------+
| auto_increment_increment | 1     |
| auto_increment_offset    | 1     |
+--------------------------+-------+
2 rows in set (0.00 sec)

mysql> CREATE TABLE autoinc1 (col INT NOT NULL AUTO_INCREMENT PRIMARY KEY);
Query OK, 0 rows affected (0.04 sec)

mysql> SET @auto_increment_increment=10;
Query OK, 0 rows affected (0.00 sec)

mysql> SHOW VARIABLES LIKE 'auto_inc%';
+--------------------------+-------+
| Variable_name            | Value |
+--------------------------+-------+
| auto_increment_increment | 10    |
| auto_increment_offset    | 1     |
+--------------------------+-------+
2 rows in set (0.01 sec)

mysql> INSERT INTO autoinc1 VALUES (NULL), (NULL), (NULL), (NULL);
Query OK, 4 rows affected (0.00 sec)
Records: 4  Duplicates: 0  Warnings: 0

mysql> SELECT col FROM autoinc1;
+-----+
| col |
+-----+
|   1 |
|  11 |
|  21 |
|  31 |
+-----+
4 rows in set (0.00 sec)

(Note how SHOW VARIABLES is used here to obtain the current values for these variables.)

auto_increment_offset determines the starting point for the AUTO_INCREMENT column value. This affects how many masters you can have in your replication setup (i.e. setting this value to 10 means your setup can support up to ten servers).

Consider the following, assuming that these commands are executed during the same session as the previous example:

mysql> SET @auto_increment_offset=5;
Query OK, 0 rows affected (0.00 sec)

mysql> SHOW VARIABLES LIKE 'auto_inc%';
+--------------------------+-------+
| Variable_name            | Value |
+--------------------------+-------+
| auto_increment_increment | 10    |
| auto_increment_offset    | 5     |
+--------------------------+-------+
2 rows in set (0.00 sec)

mysql> CREATE TABLE autoinc2 (col INT NOT NULL AUTO_INCREMENT PRIMARY KEY);
Query OK, 0 rows affected (0.06 sec)

mysql> INSERT INTO autoinc2 VALUES (NULL), (NULL), (NULL), (NULL);
Query OK, 4 rows affected (0.00 sec)
Records: 4  Duplicates: 0  Warnings: 0

mysql> SELECT col FROM autoinc2;
+-----+
| col |
+-----+
|   5 |
|  15 |
|  25 |
|  35 |
+-----+
4 rows in set (0.02 sec)