The word 睡觉 is a verb-object, which means you can split it apart and use it in some of Chinese's more complicated grammar structures. The basics of it are that the first character 睡 is the verb "to sleep" which the second character 觉 is the noun "sleep." Literally, this word means “to sleep a sleep." In common usage, these characters generally stay together unless you are adding a modifier, so think of them as one word!