Complex sentence: Within the bindu or dot above this mantra resides the deity Rudra, who is red or white, with three eyes, of ancient aspect with a silver beard, and smeared with white ashes.
Split into simpler sentences: Within the bindu, or dot, above this mantra resides the deity Rudra. He is red or white, with three eyes, of ancient aspect with a silver beard, and is smeared with white ashes.