Need help translating gothic german?

Question

There is a drawing done by Jacob Bohem (the spelling of his name has been altered several times throughout the last 500 years) who was a German Christian philosopher. I know the basics of what this says, and have managed to decipher a handful of the words, but am not sure if i've done so correctly. Could someone please look this image over, tell me what the words are in German, and English?
This is a link to a site with a guide to German Gothic type and script:
http://www.familysearch.org/Eng/Search/rg/guide/German_gothic99-36316.asp
There is a pdf version of the site available via a link at the top, the examples of gothic type and script are much clearer in it.

This site has the picture of the jacob bohem drawing and a brief description of it:
http://www.ldolphin.org/uroboros.html

Thank you very much for your help.

That is a great answer. One last question. The letters PARADES appear faintly in the top in a different type, they are all evenly spaced, with the exception of the E and S.
I can not figure out what they mean, or if there is some significance to the spacing that i'm missing.

Answer 1

The picture appears to be the frontispice of Böhme's book in dialogue form "Gespräch einer erleuchtet und unerleuchteten Seele“ ('conversation between an enlightened and an unenlightened soul'; since that is the text written on the banner on top) The manuscrit of the book, also known under the title "An eine hungrige und durstige Seele" ('To a hungry and thirsty soul') was finished in 1624. The four radial spokes carry the names of the four elements considered the basis of all matter since Greek philosophy: "Fewer" (modern German: "Feuer" 'fire') "Wasser" ('water') "Erde" ('earth') and "Lufft" (modern German: "Luft" 'air'). Those elements have human vices coordinated to them: "Zorn" ('wrath') to fire; "Neÿdt" (modern German:"Neid", 'envy') to water, "Geitz" (modern German:"Geiz", 'avarice') to water, and "Hoffart" ('pride') to air.

Addition:
As far as the Latin letters within the circle on top of the picture adjacent to the one defined by the Ouroboros are concerned, they are pretty faint on the illustration at hand. Still, I would dare the guess that instead of a peculiarly large gap between the letters E and S at the end, there should be an I, so that the word would read "PARADEIS", the old spelling of the German word "Paradies", meaning 'paradise'. Within Böhme's crude attempt to marry ancient Hermetic and Alchemical traditions with Pietist Christian mysticism, it would make sense to set the circle of "paradise" (also symbolised by the cross and the trinitarian triangle - oddly inverted- with rays emanating from them) as a destination for the dove (symbolising the enlightened soul) fleeing the circle of earthly elements and human vices.