紅五蝠 is a play on words in Chinese because of some homophones.

The first thing you need to know is that the word for bat, 蝠, sounds exactly like the word for good fortune, 福. Thus, bats are often associated with good luck and good fortune in Chinese culture.

Five bats (五福 / 五蝠) means “five fortunes,” referring to luck, prosperity, wealth, happiness, and longevity.

The word red, 红, has the same sound as 宏 meaning vast, great, or magnificent. Therefore, a red bat means “vast fortune.”

Altogether, five red bats represent vast reaches of the five fortunes.

喫喝玩樂及時行樂 is just about the closest proverb to match the western idea of “Eat, drink, and be merry.”

This is a Chinese proverb that more literally means “Eat, drink, play, be merry, enjoy everything as long as you can.”

It's basically a suggestion that you try to enjoy everything in life, as long as you live, or as long as you are able.

五段 represents the 5th Rank or 5th Degree (5th Degree of black belt) in Japanese martial arts.

This can also be the 5th rank in other fields such as chess play (Japanese “Go”) etc.

葡萄酒 is the Chinese, Japanese Kanji, and old Korean Hanja for wine.

Very specifically, this is for grape wine (an important distinction in Asia where most wines were rice-based until western influences came into play).

The first word, 葡萄 literally means grape (or grapevine), and 酒 means alcohol (generic term for alcohol, sake, wine, liquor).

琴瑟和鳴 is a Chinese title that means “in perfect harmony” or “in sync.”

This can translate as “two harps in harmony.” While this more literally means “qin [and] se harmonious sound.”

The qin and se are both types of string instruments (Chinese zithers) that are known to play in perfect harmony. Thus, the two together are often used as a metaphor for marital harmony or a happy marriage.

馬球 is the Chinese title for the ancient game of polo.

During the Tang Dynasty (618-907 AD), the elite and rich would mount their horses and engage in this rigorous sport. It was the only sport of that period that women were also known to play.

The original polo came from Persia and may have been played in China hundreds of years before the Tang popularized it.

The characters “馬球” literally mean “horse ball.”

節制 means moderation or temperance in Chinese, Japanese Kanji, and old Korean Hanja.

Moderation is creating a healthy balance in your life between work and play, rest and exercise. You don't overdo or get swept away by the things you like. You use your self-discipline to take charge of your life and your time.

節制 can also be translated as sobriety or self-restraint.

This is often used as part of the Seven Heavenly Virtues to represent sobriety and/or temperance.

See Also:  Prudence | Ethics | Humble | Humility

七段 represents the 7th Rank or 7th Degree (7th Degree of black belt) in Japanese martial arts.

This can also be the 7th rank in other fields such as chess play (Japanese “Go”) etc.

神舟 is the name of the Chinese spacecraft “Shenzhou.” The name means “divine craft” or “saintly vessel.”

The name is a play on words in Chinese, as there is an alternate name for China that is pronounced “Shenzhou” but means “Divine land” or “Land of the Gods” (just the second character is different).

The first flight of a Shenzhou spacecraft was in 1999, with more missions following. The next is planned for 2008, and will include China's first “spacewalk.” The tenth Shenzhou mission is planned for 2015, when China has promised its people that a Chinese astronaut will walk on the moon (or at least orbit the moon - there are two ways to interpret the announcement made in 2005).

For those of you concerned, this word is pronounced more like “Shen Joe” (with a slightly soft “J”) than the Romanization would suggest.

2016 Update: I wrote the above in 2006. Imagine that, 10 years later, none of the promises came true.