letrec

Isn't
(letrec ([is-even? (lambda (n)
                    (or (zero? n)
                        (is-odd? (sub1 n))))]
         [is-odd? (lambda (n)
                   (and (not (zero? n))
                        (is-even? (sub1 n))))])
        (is-odd? 11))

equivalent to...

(let
    ([is-even? nil]
     [is-odd? nil])
    (set! is-even? (lambda (n)
                    (or (zero? n)
                        (is-odd? (sub1 n)))))
    (set! is-odd? (lambda (n)
                   (and (not (zero? n))
                        (is-even? (sub1 n)))))
    (is-odd? 11))

>>12
I know this is a bad explaination, so please, if you don't understand something, ask me anything.
Don't ask him. Read original Lambda Papers by Steely and Sussman (they use plain old assembly language for explanation) then SICP (still The Best).