Translation
 
— This is such a strange book… Why did Rainbow Dash fall asleep? And why is it called ‘Cupcakes’?
 
— What! Girls?
 
— Don’t read any single word of that book!
 
— Oh my god! Why? What’s wrong with it?
 
— Ehh… Nothing! Nothing actually, but.. you shouldn’t read it because… Eh… Uhm…
 
— …In it, Pinkie well… Um…
 
— She steps and kill on a worm, I suppose.
 
— Wh-what! B-bu-but! Who would be capable to write something so, so…
 
— Hey! She’s gone once again!
 
— She disappeared in a second!
 
— Do you realize that Fluttershy fainted despite our efforts, don’t you?

I have no idea what they’re saying, so I put in my own words…and it’s hilarious.