This somewhat loose paraphrase is just to get the general sense of the passage. In some cases the printed edition clarified some oddities in our text. In other instances the text as given here made more sense than the printed edition. This is a shameless cobbling together of the two.
In the next year following, in the 18th year of his reign, at his parliament held at Westminster in the [15th day of] Easter, King Edward III made Edward his first begotten son prince of Wales. In the 19th year of his reign some time after January but before Lent the same King Edward arranged noble jousts and great feasts in the palace of his birth at Windsor. None such had ever been seen before. At the feasts there were two kings, two queens, the prince of Wales, the duke of Cornwall, ten earls, nine countesses, barons and many burghers who might not lightly be numbered.
From diverse lands beyond the sea there were many strangers. (Perhaps foreigners is a more accurate modern reading.) At the time when the jousts were done king Edward [held] a supper during which he first ordained and began his round table to be held there at Windsor in the Whitsun week every year thereafter.
In this time Englishmen so much adhered to the madness and folly of the foreigners, that from the time of the coming of the Hainaulters 18 years before, they ordained and changed every year diverse shapes and disguisings of clothing. They were of long, large and broad clothes destitute, and desert from all old honest and good usage. At any time they wore short and narrow clothes, jagged and cut on every side to flatter (flatten?), and buttoned, with the sleeves and tippets of their surcoats and hoods over long and large and hanging down over much, so that in truth it could be said they were like tormentors or devils in their clothing and adornment and other array rather than men. The women more nicely yet passed the men in array and curious appearance, for they were so scantily clothed that they let hang fox tails sewn inside their clothes to hill (enhance?) and hide their arses. This disguising and pride perhaps afterward brought forth and caused many mishaps and mischiefs in the realm of England. (I wonder what sort of mishaps and mischiefs; perhaps the same sort that my father thought would befall me if I wore a bikini on the beach in the early 1960s!)
In the 20th year of his reign he went over to Brittany and Gascony. In the company was the Earl of Warwick, the Earl of Suffolk, the Earl of Huntingdon and the Earl of Arundell and many other lords and common people in a great multitude, with a great navy of 240 ships, some time after midsummer, to avenge himself of many wrongs and harms done to him by Philip of Valois, king of France, against the truce beforehand granted. This truce he falsely and untruly and by cavillations lost and disquieted. (I think this grandiose language means that, from the English perspective, he was behaving like a slimy dog. He probably thought the same about them.)
How King Edward sailed into Normandy and arrived at La Hogue with a great host, and of the battle of Sluys and of the beginning of the seige of Calais and battle of Durham. Chapter 47.
In the 21st year of his reign king Edward, through counsel of all the great lords of the realm, collected and gathered together in his parliament at Westminster before Easter, ordained that he pass on the sea again to distress and trouble the rebel of France. (Well, he was going to make life hot for him anyway.) When his navy had come together and was made ready, he went with a great host on the 12th day of July and sailed into Normandy. When he had rested there for 6 days because of travelling (or more likely travailing, ie. working hard) on the sea, and to get all his men with their necessities out of his ships, he went towards Calais burning, wasting and destroying all the towns as he went by the way ....
What will happen in the next exciting episode? Will Edward take Calais? Will Queen Philippa save the burghers of the city? Meanwhile, back at home, the Scots have taken advantage of the situation and are marching on Durham. And somewhere on the high seas, some plague infested rats are looking for a place to land.......