olde gentlemans: i.e. Jaques; also meaning The Devil

interest: legal right to; she also reassures Touchstone that she owes no many interest (sexual intercourse).

meat and drinke: delight

Clowne: natural fool

troth: faith

good wits: keen intelligence

flouting: mocking

good ev'n: an address for any time of day after noon

ye: give you

Cover thy head: put your hat on; William has apparently doffed his hat as a sign of respect

Five and twentie: 25

ripe: good, ready for marriage

A faire name: In England, William was considered so faire (pleasing, attractive) a name that it ranked among the three most common male names in every decade between 1570 and 1700.

so, so: moderately; land-owning peasants at this time were increasingly prosperous.

Give me your hand: Touchstone perhaps tries to trick William into thinking he will perform some betrothal ceremony.

figure: figure of speech;  Just as two vessels cannot contain the same drink, one woman's glasse (vagina) can be "filled" (sexually possessed or impregnated) when the cup (penis) of only one man "empties" (ejaculates). 

your: those well-known

consent: agree together

ipse: he (Latin); if William thinks that hee is ipse (the very) man to marry Audrey, then hee is not ipse (in the right mind)

vulgar: vernacular

boorish: the language of a boor (Touchstone's coinage).

to wit: which is to say

translate: convert

bastinado: beating with a cudgel on the soles of the feet

in steele: with a sword

bandy with thee in faction: fight with you in a quarrel

ore-run thee with police: overwhelm you with craft

Trip: Touchtone calls for Audrey to trip (caper, move along) and bring along her trip (a heard or flock of goats) and she may also trip (stumble). The Clowne also looks forward to the time that Audrey will trip (consent to his sexual advances).