Here is a possible interpretation & translation (Oct 2002) by Dr. Frank Deis of Rutgers University:

1708
Christian Mercklin Burger und Schmidt zu Lambssheim cum uxore Anna Catharina liess
den 6ten Aug. 1708 daselbst ein Sohnlein taufte gevatter war: Johann Jacob Schern an....
Lambssheim, das kind heist: Johann Jacob.

1708
Christian Mercklin citizen and blacksmith(?!) at Lambssheim with wife Anna Catharina let on Aug 6, 1708 here a little son be baptized. Godparent was: Johann Jacob Schern ... Lambssheim, the child is called Johann Jacob.