Verily water is arka. And what was there as the froth of the water, that was hardened, and became the earth. On that earth he (Death) rested, and from him, thus resting and heated, Agni (Virag) proceeded, full of light.

In plain words: The foam on that water hardened and became the earth. Death rested on the earth, and from his heat came Agni, the god of fire, full of light.