David Pody spent over sixteen years touring with numerous Canadian theatre companies as an actor, and director. This play "Lord What Fools" is an adaptation of Shakespeare's A Midsummer Night's Dream.
The scene shows the foolish nature of love. People often change their minds about who they love, and the silly dialog shows that aspect. The character "Punk" is casting spells to make the mortals' love even more ridiculous.
To complete your assignment, think about what's happening in the scene, such as the characters' silly, foolish nature and how their hearts can change quickly. Try to relate it to your own life-- does it sound like people you know in school? Does it sound like what you've seen around you, or what you have felt yourself? Explain how you are like the characters in this scene, or unlike them.
For the translation aspect, the language is pretty normal, so what you want to do is simplify things down to their basic level. For example in the "Shall Meal Worm be Valiant Knight", Punk is changing Meal Worm into the hero and object of affection since Jason is gone.