[ame]https://www.youtube.com/watch?v=BFNeZWUq2A8[/ame]
Basically, decanting happens after you cold crash your yeast starter so the yeast cake compacts to the bottom and you pour off the starter wort (now basically beer). Then you add new wort and you let that do its job. You're stepping up a starter if you do this multiple times.
So you make a starter and usually after 24 hours I put it in the fridge. I pour out the liquid leaving the yeast behind. I make new starter wort at another gravity, for example, if I am building up yeast I may start at 1.010 then move up to 1.020. Once I do that second round, I put the starter into the fridge, pour off the liquid, let it come up to room temp if it is brew day and pitch when I'm ready.
That's what I do and that was my understanding of decanting a starter.