The string is not executable. The program uses the ASCII value of each character in the following way.
First note that x is incremented by one every printf(), and we only ever look at the character pointed to by x. Which means that we look at each character in the string.
a = *x / 4. So a is given the value of the ASCII value of the character divided by 4. The loop ends when *x/4 == 0, which is only the case when *x < 4. Since the string is NULL terminated, the NULL character at the end stops the loop.
Note the comma operator a -= 8, ...
Comma is just a way to do two things on one line of code. Replace the comma with a semicolon and add braces around the two lines of the while loop and the program is unchanged.
First subtract 8 from a.
printf( "\n%*s" + !!a )
Neat. !!a is a programming trick used to convert any nonzero value to 1 and zero to zero. "\n%*s" is a character pointer. One can add to pointers; if a is now 1, adding 1 to the character pointer yields "%*s" -- a nice way to not print out the \n every time.
The same trick is used on the last part of the printf:
printf( "_/_/_/" + *x++ % 4 * 2 );
Again, we add either 0, 2, 4, or 6 to the char* string to either print out one set of _/, two, three, or no sets. (Note the * 2 is there because _/ is 2 characters).
EDIT:
The one other detail I omitted was use of the %*s in the format string.
%10s, for example, says to use a field width of 10 to print the string.
%*s says to use the next argument as the field width. The code passes
in a. This is how the program manages to print blanks.
Very nice obfuscated program. The char* string encodes three pieces of information in each byte: 1) whether or not to print a newline; 2) the field width; 3) the number of _/ to print.