The text here starts by praising God for doing wonders with humans, fashioned from mere dirt and clay. Then the text acknowledges God as the source of thanksgiving.
The style of the Hebrew is poetic and reminiscent of the Bible.1
The line breaks and other punctuation are modern interpretations based on the original language.
2. I offer thanks to you: Or, "I thank you," "I give you thanks," etc. But the verb may refer more narrowly to "acknowledgment."
3. Dirt: Commonly the less accurate "dust." The reference is to the "dust and ashes" from which humans were created.
4. Very: The text reads "thank," (mem-vav-daled-heh) which is crossed out and, apparently, corrected to the same word "thank." The spelling of "thank" and "very" (mem-aleph-vav-daled)in Hebrew are close enough that we have reasonable confidence in reading "very" here instead of "thank."
5. Thanksgiving: Or perhaps a specific kind of thanksgiving poem for which we have no name in English. See note 7.
6. Praise: Or perhaps specifically a "psalm." See note 7.
7. Guiding Star: The Hebrew word here (mazal) generally refers to astrology of some sort. (This is where the word gets its modern meaning, "luck.") The imagery here seems to be that the guiding star, or "lucky star," will make its way to a propitious place. Another way to understand the Hebrew is that mazal, like — perhaps — the words for "thanksgiving" and "praise" above, refers to a specific kind of poetry.
8. Ponder Your Power: We would prefer "...your greatness, ponder," to preserve the chiastic poetry, but unlike the original Hebrew, English does not give us that option.
9. My Soul: Or just "I."
10. Your Mouth is Truth: Or perhaps the copyist left out the word "in," which is just one letter in Hebrew. If so, the text should read "in your mouth is truth."
11. Anger: Literally, "nose," continuing the theme of body parts (like hand). The nose was commonly used to connote anger.
12. Everlasting: The Hebrew text here is missing from the scroll. "Everlasting" is a guess.