I've actually been making a bit of headway with Ultima this last week, although I've been reluctant to officially bump this topic, and have been simply editing the lyrics in my first post. Truth be told, if my interpretation and translation is even half-way correct, it's mostly about Gaius and the Empire, with a possible nod to Answers Hydaelyn's first words to us. So, this is where I'm at right now (any words with a line through them mean I'm highly unsure and to disregard them):

Originally Posted by
Ultima Latin
1 Nos sempit vires, O sunt ista
2 Regemitus sen sabunt ista
3 Tremor ut tren vi mire quom vi
4 Cessa timor somni regna vocat ???
5 Sensum...
6 Scienti...
7 Notem...
8 Regnum...
9 Prenso!

Originally Posted by
Ultima English
1 We shall always be strong --
2 Cast thyselves before us and beg --
3 Tremble as -- marvel while --
4 Put fear to rest, call the kingdom --
5 Think...
6 Know...
7 --
8 This realm...
9 --
As I've said many times before, my primary method of interpreting the lyrics is listening to the words, popping what I hear into Google Translate, and then altering them until I get something that is both a real word, and that feels right. I've also been using the Wikipedia page on Latin Grammar and it has been immensely helpful in understanding how the words change based on tenses, moods, voices, cases, etc. I also discovered (rather obviously in hindsight) that trying to apply my understanding of syllable emphasis in English applies to neither Latin, nor a singing voice, and that's helped a fair deal as well, especially in line 4. As far a breakdown of how I arrived at this translation, well...
1 Pretty simply here, "Nos" means "We", "sempit" could be derived from "semper", meaning "always", and "vires" refers to military might.
2 This line still bothers me; I know "recit mitus" has been suggested, but I still don't feel like that's it. "Regemitus" means to continue to groan--I chose "beg" over groan. "Sabunt" translates to "throw yourself"; I went with "Cast thyselves" for a bit of flavor.
3 "Tremor ut" does mean literally "Tremble as", and "mire quom" means "marvel" or "wonder" "while". Missing the others words means that the translation could easily change, however.
4 Oh, this line. I'm pretty confident on this one, although I may have taken too many liberties in the translation. "Cessa" means "cease", "timor" means "fear", and "somni" means sleep. I've been toying with the idea of translating it as "This nightmare shall end", as "timor somni" (fear of sleep) sounds similar, but that felt like I was taking too many liberties with that. "regna" means "kingdom", and "vocat" may mean "call", although there's a literal translation of "there is room for". It could very well be "vocet", which does mean "call", but I'm sure I hear an "ah" rather than an "A" sound.
5 "Sensum" means "sense", but that relates primarily to the mind, as the base "Sensus" may mean "thought, mind, or idea" among others. Therefore, I translated it as "Think." Plus, it sounds like a cool callback to Answers what Hydaelyn first told us: "Hear. Think. Feel."
6 "Scienti" means "one who knows", but they might be saying "scientes" which simply means "knowing".
7 "Notem" may be some derivation of "notus" which means "known" or "familiar". It may also be "Votem", which means "vow" or "promise". I'm pretty unsure...
8 "Regnum" means "kingdom" or "realm". Pretty easy.
9 "Prenso" sounds right, but translates to "captured", which doesn't make sense with the previous lyrics.
As I've said, and will say again, I'm not even remotely close to being an expert with translating. Heck, I don't know a lick of Latin outside of this and some other songs, so this could all be incorrect. However I will continue to try my best, and please, to anyone reading this, feel free to comment or offer advice, because this is definitely a big job and any and all help is greatly appreciated =D