The scene actually works pretty well without knowing exactly what they're saying. The viewer needs a little context as to why the one man is rotating the glasses, but most everything else can be figured out just by watching.
That said, I found some English subtitles to this movie online and have put them below for anyone interested (along with approximate time stamps to make it easier to follow along with the video).
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Emperor: (0:00)
Lang, the breakfast is excellent. It's better here than the emperor's. And
your wine, too, is better. Pour me another glass. And the teacher will have
the goodness to complete Copernicus's explanation.
Tycho Brahe: (0:13)
My colleague, Copernicus, Sire, has different views from mine. According to
his theory, it's not the Earth which is the center of the universe, but the
sun. Imagine the sun ... Let's say the glass is ... the sun. The sun,
therefore, remains motionless. And the other planets revolve around
it in a certain order. Mercury ... Venus ... Earth ... Mars ...
And the others ... The closest planet is Mercury.
Suppose this is ... Mercury. Here, Venus.
Emperor: (1:06)
Where is the earth?
Tycho [taking the Emperor's cup]: (1:07)
Excuse me, sire. Here is the earth. Beside it, the moon. Mars. Then, Jupiter
and Saturn. And imagine, sire, that all movement of the universe ... takes
place simultaneously and reciprocally. Everything rotates ... turns ... closer
... and further away. And amidst all this ... according to their fixed orbit
... Saturn and Jupiter. It is an ingenious mechanism.
Emperor: (1:49)
And no collision ?
Tycho: (1:51)
It is not excluded. There are planets wandering whose orbit is not fixed. And
if one of them, accidentally knocked on ... Excuse me, sire.
Emperor: (1:59)
There is no harm, Professor. In fact, what planet have you thrown?
Noblemen: (2:04)
- It was my moon!
- No, it was my Mars!
- You are mistaken, it was my Mercury!
- This was my Venus!
Emperor: (2:09)
Gentlemen, such noise for a few drops of wine.
Lang: (2:12)
That is to say, sire ... we don't know which cup was yours.
Emperor: (2:15)
It's not important. And no more arguing. Lang, pour me another drink. The
professor's sun did not reverse. We can drink to his health. Gentlemen, raise
your glasses. To our teacher !
Emperor: (2:34)
Gentlemen, what's going on ? Raise your mugs. Long live our teacher ! Well, gentlemen ? What, did you poison my wine ? Cheers
Emperor: (2:57)
What's [going] on ? The wine is no good ?