Here’s a better, classic version (by the great Kostadin Gugov), together with lyrics on both Cyrillic and Latin:

And don’t worry, I don’t understand all of the archaic words either (especially the ones about the old crafts). But the basic story is that Zayko (i.e. the rabbit) suits up to get married, finds a foxy widow (Lisa), gathers some attendants (a bear, a wolf, a frog, a hedgehog, a ram, a dog and a donkey), then goes back to the field of Solun where he meets a few hunters, so he runs away, shouting he doesn’t want to get married anymore.