OM tryambakaṃ yajāmahe
sugandhiṃ puṣṭi vardhanam
urvārukamiva bandhanān (or bandhanāt)
mṛtyor mukṣīya māmṛtāt

Try-ambakam: Unto Him who is One with the three Mothers (the shaktis of will, knowledge and action); the dweller of ajna and the sahasrara chakras,

Yajāmahe: we offer our very selves in internal sacrifice,

Su-gandhim: Unto Him who awakens our shakti right from the muladhara chakra, thus activating fragrances in our body, prana and mind,

Pushti-vardhanam: Unto him who nourishes all our shaktis, strengthens and increases our devotion by His grace, and makes us advance into the spiritual dimension,

Urvārukam-iva: As a melon drops from the vine upon ripening, so, may we, upon the ripening of the fruits of our actions,

Mukshīya: be released, attain moksha,

Bandhanat, Mrtyoh: from bondage that is death, and thereby,

Ma-amrtāt: may I never again be parted from the immortality (of atman, the Spiritual Self, or parama-atman, the Supreme Self).

Unto Him who is one with the Three Mothers (shaktis of Will, Knowledge and Action); the dweller of ajna and the sahasrara chakras, we offer our very selves in sacrifice unto Him who awakens our shakti right from the muladhara chakra, thus activating fragrances in our body, prana and mind, unto Him who nourishes all our shaktis, strengthens our devotion by his grace, and makes us advance into the spiritual dimension. As a melon drops from the vine upon ripening, so, may I, upon the ripening of the fruits of our actions be released, attain moksha from bondage that is death, and thereby may I never again be parted from the immortality of atman, the Spiritual Self or parama-atman, the Supreme Self.

Please also see:
The Science of Mantra and the Study of Mrtyunjaya Mantra by Swami Veda Bharati at http://ahymsin.org/main/swami-veda-bharati/the-science-of-mantra-and-the-study-of-mrtyunjaya-mantra.html

Prayers used with Maha Mrityunjaya Mantra by Swami Veda Bharati at http://ahymsin.org/main/swami-veda-bharati/prayers-used-with-maha-mrityunjaya-mantra.html

An audio of Swami Veda Bharati reciting Maha-mṛtyunjaya Mantra can be downloaded at http://ahymsin.org/docs2/mm/SwamiVeda-Reciting-MahaMrtyunjayaMantra.zip

Note: The article above is a transcript of a recording of Swami Veda Bharati.