A Latin drinking song, associated with the goliardic culture.
More palatino bibimus; ne gutta supersit
unde suam possit musca levare sitem.
Sic bibimus, sic vivimus
We drink in palatial style; and not a drop should remain
by which a fly could quench her thirst.
Thus we drink, thus we live
while we are students.
Some linguistic notes
supersit is an exhortative subjunctive form that expresses a wish for something to happen. In this case, it is negated by the ne.
The following sentence is a relative one, tied to the previous by the unde pronoun form - here we can also appreciate the freedom in word order; suam modifies sitem, and it is quite separate from it. Literally the word ordering is "by which - his - could - a fly - quench - thirst". The only way to make sense of it is to watch the cases.
In the last sentence, the first phrase omits the subject (it should be "nos") and the second omits the subject and the verb: the complete form would be "dum nos sumus academici".