In the buginning is the woid, in the muddle is the sounddance and thereinofter you're in the unbewised again,

in the beginning was the word

in the beginning was the void

bug (dan.): belly (in Mary's belly was the word to become flesh, Jesus)

bug-inn, i.e. Earwicker's inn

inning: a cricket term (cricket might be associated with insects again)

in the middle is the sentence (created from the initial word)

the sound-dance (think about Joyce's dancing daughter; FW might be seen as a series of dancing movements)

thereinafter you're nothing wiser than before

Unbewusst (German, Freudian but also Wagnerian term): unconscious