(This prayer is addressed to the five weapons of Lord Vishnu viz Holy wheel (Sudarshana), Conch (Pancha Janya), Mace(Gomodhakee), Sword and bow(Sarngam). They are considered as great sages in the service of Lord Vishnu.
Sudarshana the holy wheel is supposed to be made by Viswakarma out of the dust got out of sawing Lord Sun, to reduce his harshness. This became necessary because Viswakarma’s daughter was married to Lord Vishnu.
His conch is Pancha janya. There was an Asura called Panchaja who was hiding himself in a conch. This asura abducted the son of the teacher of Lord Krishna. Lord Krishna waged a war against Panchaja and killed him. He retained the conch for his use.Another story is that Panchajanya was one of the product churning the milky ocean.
His mace was made out of the bone of one Rakshasa called Gadha who was the son of sage Kashyapa by Viswakarma and presented to Lord Vishnu.
His bow Sarnga was supposed to be made by God Brahma and presented to Lord Vishnu.
A very detailed commentary of this stotra along with very imposing pictures are available in http://www.ibiblio.org/sadagopan/ahobilavalli/5ayudam.pdf. I have only atempted a simple translation.)
Sphurad sahasrara Shikhadhi theevram,
Sudarshanam Bhaskara koti thulyam,
Suradvisham prana vinasi vishno,
Chakram Sadaham saranam prapadhye. 1
I surrender always to the Vishnu’s wheel,
Which is sharper than thousands of flames,
Which is equal to billion suns,
And which takes out the life of Rakshasas .
Vishnor mkhothonila poorithasya,
Yasya dwanir Dhanava dharpa hantha,
Tham Pancha janyam, sasi koto shubhram,
SAnkham sadaham saranam Prapadhye. 2
I surrender always to Lord Vishnu’s conch,
Which makes sound due to the air from mouth of the Lord,
Whose sound humbles the pride of Rakshasas,
And which shines like billions of moons.
Hiranmayim Meru samana saram,
Koumodhakeem daithya kulaika hanthrim,
Vaikunta vamagra karabhimrushtam,
Gadham sadaham saranam prapadhye. 3
I surrender always to Lord Vishnu’s mace,
Which is golden and shines like
Which is Koumodhaki , the destroyer of Rakshasa clans,
And which is lucky to be touched by the left hand of Vishnu.
Raksho uraanaam katinogra kanadach-,
Chethakshara sonitha digdha dhaaraam,
Tam Nandakam nama Hare pradeeptham,
Gadgam sadaham saranam prapadhye. 4
I surrender always to the sword of Lord Vishnu,
Which is hard , powerful and shines red due to the blood,
Which flows when it cuts the heads of Rakshasas,
And which is called Nandaka and shines in the hand of the Lord.
Ya jjayani nadha sravanath suraanam,
Chethamsi nirmuktha bhayani sadhya,
Bhavanthi daithyasani bana varsha,
SArngam sadaham, saranam prapadhye, 5
I surrender always to the Sarnga bow of Vishnu,
Whose sound heralds victory in the mind of devas,
And whose presence removes the fear from their minds,
By reminding of the arrow down pour against Asuras.
(Herald of benefits)
Imam hare Panchayudha nama,
Sthavam padeth yo anudhinam Prabathe,
SAmastha dukhani bhayani sadhya ,
Papani nasyanthi , sukhani santhi. 6
Those who read daily morning,
This prayer to the five weapons of Lord Vishnu,
Would get rid of all their sorrows and fears,
Destroy their sins and establish their pleasures.
Vane , rane, Shathru jalagni madhye,
Yadruchaya Apadsu maha bayesu,
Idham patan stotram anakulathma,
Sukhi bhaved thath krutha sarva raksha. 7
In the middle of forest or war or among enemies,
Or when surrounded by water or fire,
Or unexpected dangers or during great fears ,
If the worried man reads this prayer,
He would be happy as this provides all round protection.