1 His warlike arms, the idle instruments
arms > {Arms and armour}
2 Of sleeping praise, were hung upon a tree,
praise > praiseworthiness; virtue
3 And his brave shield, full of old monuments,
brave > splendid, showy; brave monuments > {Painted records of battle, insignia; relics (i.e. dents and other marks of battle)}
4 Was foully rased, that none the signs might see;
rased > scratched (i.e. the paint had been scratched off) that > [so that]
5 Neither for them, nor for honour cared he, 6 Nor aught that did to his advancement tend, 7 But in lewd loves, and wasteful luxury,
luxury > {Lasciviousness; dissipation; refined and intense enjoyment}