vande sambhu-mumaapathim suragurum 
vande jagat-kaaraNam 
vande pannaga bhuushaNamu mrugadharam 
vande pasuunaam-pathim 
vande surya sasanka vahni nayanam 
vande mukunda-priyam 
vande bhaktha janaasrayamcha-varadam 
vande sivam sankaram

Suragurum

It could mean the teacher of the heavens or the creator of the heavens.

Mrugadharam

Most likely refers to the deer skin that He is adored with. "Mruga" probably means animal or deer, and "Dharam" probably means to "wear"

Mukundapriyam

This is qutie interesting way of addressing Shiva as it says the "dear of Vishnu". Most likely refers to the incident where Shiva plays the role of an enchantress to lure Vishnu.

Surya: Personified (or Deified) Sun

Sasanka: Personified (or Deified) Moon

Vahni: Personfied (or Deified) Agni or Fire

Nayanam: Eyes

It is commonly known Shiva has three eyes and depcited as such in all illustrations. Nevertheless it takes imagination, and a wonderful facility with words that is out of ordinary to arrive at such a depthful of meter.