from reading this

$istok(text,token,C)

Returns $true if token exists, otherwise returns $false.

it looks to me like no matter what the text is the token is present there for it always returns $true
in this line

on $*:text:$(/\b(\Q $+ $me $+ \E|\Q $+ %altnick $+ \E)\b/iS):#:{
  if (!$istok(%ignick,$nick,32)) && (%alert == on) && ($active != $chan)  {
    echo -a 4[ $+ $time $+ ] $nick said your name in $chan $+ : $1-
    beep 3
  }
} 

I believe the ! in !$istok means doesn't as like != would. but still this does not work, because it does not seem to compare the text with the token. I am not sure about what the C means I know it is supposed to be replaced with some number just don't know what numbers mean what.