I suppose a good first step would be to go to Google and search for translate latin to english. Then I paste the Latin into the text box that appears, and English magically comes out the other side (more or less - less, in this case).
And then I take out my Oxford Latin Desk Dictionary and try to translate the untranslatable - finding that most of the untranslated words are not in my dictionary. And I wonder why Oxford no longer has a really good Latin dictionary, like my old Cassel's was. So, anyhow, I'll put my changes in parentheses over the next few days. I hope others will post their attempts below, and I will add them in parentheses to this work in progress.
But now I have other things to do.

Breve regnum erigitur, Sublimatum deprimitur Et depressum elabitur Transmutato tempore. Puerilem miliciam, Perargutam periciam, Regencium industriam, Hanc eduxit in opere. Cracoviensem filium, Fulgentem velut lilium Ac de numero milium Cunctis preferendum. Octo dierum spacium Hoc sustinet solacium, Post hoc regis pallacium Plagis feriendum. Namque regis elleccio Fit studii negleccio Ac desolatur leccio Tota septimana.

Brief kingdom raised, (the kingdom rules briefly) brandy lowered (the heights have been brought down) And depressed slips (and what was brought low, has slipped away) Transmutato time. (and time is changed) Childlike nobility, Perargutus Warren (huh? wittiness something) Regencium industry (industry rules) This brought in the work. Cracoviensem son (Son of Krakow) Shining like a lily And the number of miles While preferred. The space of eight days This supports the strengthening, After this the king pallacium (king's palace) Stripes strike. For the Elleccio (and so I elect) Fit study negleccio (to neglect my studies) And ruined the lesson The whole week.

So, I'm hoping you catch on to what this is all about: a 14th-century description of the age-old student quandary: to drink, or to study. Even in Poland, it was a problem.