You can use the columns environment to divide the page into two columns; then one column will contain your code (in my example I used the listing package) and the second one your list.
Here's an example:
\documentclass{beamer}
\usepackage{listings}
\lstset{language=Java,
basicstyle=\footnotesize\ttfamily,
keywordstyle=\footnotesize\color{blue}\ttfamily,
}
\usetheme{CambridgeUS}
\begin{document}
\begin{frame}[fragile]{My java code}
\begin{columns}[T]
% code
\begin{column}{0.64\textwidth}
\begin{lstlisting}
public class HelloWorld
{
public static void main(String[] args)
{
System.out.println("Hello World");
}
}
\end{lstlisting}
\end{column}
% description
\begin{column}{0.34\textwidth}
\begin{itemize}
\item text
\item text
\item text
\end{itemize}
\end{column}
\end{columns}
\end{frame}
\end{document}
which gives you:

Then, on the based of the length of your code, you can further customize the font size of the code and/or the dimensions of the column.
\begin/\end{document}may seem trivial. Such minimal working examples (MWEs) make your questions much more pleasant to read and answer. – doncherry Jun 01 '12 at 08:08