Translation:The father of my cousin's cousin is a pilot.
Second cousin (i.e. common great-grandparent) = tremenning
Third cousin = firemenning
Fourth cousin = femmenning, etc./osv.
As you can see, Norwegian conceptualises it slightly differently - the cousins are the third (fourth/fifth) generation from the common ancestor, rather then in English, where we focus on the two generation gap :)
I'm not a genealogist so I don't know the terms for 'first cousin once removed' etc for a generational difference, but I've heard the terms 'fetterbarn' and 'kusinebarn' when people are talking about their first cousin's children. Hopefully a native speaker can fill in the gaps!
No. I think if that sentence were actually used, it would probably be to mean someone unrelated. If, for example, your father has a sibling, and s/he has a son. That's 'fetter' (male cousin). If your cousin's mother (related to you only by marriage) has a sibiling, and s/he has a daughter, that's your cousin's cousin, but unrelated to you. Although, just to be confusing, your cousin's cousin could also be: your cousin, you, or your sibling.