I was reading this question and I want to know what this term means.
land and hold short clearance
It means that you can land on the runway but must hold short (read: do not cross) before some point on the runway.
This is generally issued for smaller planes that don't need the full runway and a crossing runway/taxiway is also being used.
As the pilot you have final say in accepting the clearance, if you feel you will be unable to hold short then you should reply "unable" and request full-length landing clearance.