ॐ शिव ॐ शिव, परात्परा शिव ओङ्कार शिव तव शरणम् ।
नमामि शङ्कर भजामि शङ्कर उमामहेश्वर तव शरणम् ॥

Meaning:
Aum shiva, Aum shiva; Shiva who is beyond the beyond, who is the sound of Aum, I take refuge in you. I bow to Shankar, I sing the glories of Shankar, I take refuge in Uma and Shankar.

Word meanings:
ॐ = same as `OM’ i.e. the praNava or `o.nkAra’ mantra;
शिव = of Lord Shiva ; auspicious; favourable; propitious;
ॐ = same as `OM’ i.e. the praNava or `o.nkAra’ mantra;
परात्परा = greater than the great; the most supreme;
शिव = of Lord Shiva ; auspicious; favourable; propitious;
ओङ्कार = relating to the Brahman or the `OM’ mantra;
शिव = of Lord Shiva ; auspicious; favourable; propitious;
तव = youryour;
शरणं = seeking refuge or surrender;
नमामि = I bow; salute; pay my respects;
शङ्कर = Oh! Shankara, Shiva lit.one who grants good or auspicious things;
भजामि = I worship;
शङ्कर = Oh! Shankara, Shiva lit.one who grants good or auspicious things;
उमामहेश्वर = Oh! Shiva with Parvati or adj.;
तव = youryour;
शरणं = seeking refuge or surrender;