Quodlibet means everywhere
membrum means a part of the whole, a limb (pl. membra).
The problem is trying to compose a translated version that is singable; quite a job to fit words to music without shifting meaning.

Approximately: Live well, members everywhere, each and every one!

In the Castellano version linked above, the verse becomes:

Viva la Universidas,
Vivan los professores.
Vivan todos y cada uno
de sus miembros,
resplandezcan siempre. (May they flourish always!)
(Hmmm, I remember, from Dickens: 'Bless us, each and every one!')

The Spanish site I linked far above has three midis: 1. instrumental, 2. choral, 3. a fragment of the Overture by Brahms. Again, for convenience:
Gaudeamus Igitur

I remember women's lib students at universities complaining about the verse beginning "Vivant omnes virgines,..." I can't remember the verse that they proposed as a substitute.
I don't know what they were complaining about; in the days of the Roman Empire they might have had to contend with a seller of virgins- Virginisvendonides.