いる iru: It means "to be doing". For example: 待っている matte iru: "I am waiting". This is also used in some situations where the English equivalent does not use "to be doing". For example: 知っている shitte iru: "I know", 持っている motte iru: "I have", ここに住んでいる koko ni sunde iru: "I live here". Colloquially, in this form the "i" often disappears, so 待っている matte iru becomes 待ってる matteru and 知っている shitte iru becomes 知ってる shitteru.
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