To see great Hercules whipping a gig,
(Hercules was a Greek legendary demigod with extraordinary strength. Whipping a gig is another way of of saying to spin a top.)
And profound Solomon to tune a jig,
(Solomon is a Biblical king known for his great wisdom given to him by god. To tune a jig simply participate in a dance or music.)
(Nestor is another character of Greek mythology. He was an Argonaut who fought centaurs and hunted the Calydonian Boar. Push-pin was a game geared toward very young children.)
And critic Timon laugh at idle toys!

(Timon was an Athenian philosopher. And, well, idle toys are just that, toys that aren't moving and are in essence, for babies.)
What Biron is trying to say is that the love of the women these noblemen have, is turning them into children. However Biron is hypocritical because the same thing is happening to him!