Schwarz Rot Gold = Black, Red, Yellow (the colors of the German flag)
Gehen wir = Let's go
Volkstracht = National costume / outfit (lederhosen, maybe?)
Viel Glück und Spass = Good luck and fun
Trinken Bier = Drinking beer
Die Sonne = The sun
Knödel = a type of dumpling
Halbmond = Half moon
Tempo = Measure or speed...basically just tempo
Karneval = Carnival

I just felt like translating...feel free to add that if you want.