In the phrase, all word stems (glok-, kuzdr-, shtek-, budl-, bokr-, kurd-) are meaningless, but all affixes are real, used in a grammatically correct way and — which is the point — provide enough semantics for the phrase to be a perceived description of some dramatic action with a specified plot but with unknown entities. A very rough English translation (considering no semantic information is available) could be:
"The glocky kuzdra shteckly budled the bocker and is kurdyaking the bockerling."
Shcherba used it in his lectures in linguistics to emphasise the importance of grammar in acquiring foreign languages.
А по немецки как-то так будет:
Eine gloke Kusdra hat den Bokren steckenhaft gebudlet und kürdelt das Bökerchen.