…I am become a name; For always roaming with a hungry heart Much have I seen and known – cities of men And manners, climates, councils, governments, Myself not least, but honoured of them all – And drunk delight of battle with my peers, Far on the ringing plains of windy Troy, I am a part of all that I have met;
Ulysses elaborates on the good times and bad times – well, mostly the good times – he's enjoyed during his travels.
The phrase "I am become a name" means something like "become a household name." Ulysses has become famous because he's traveled to so many places.
Ulysses tells us that he's visited a variety of different places, with different manners, weather, governments, etc. He portrays himself as a Renaissance traveler of sorts with an insatiable desire ("hungry heart") to see as many places as he can, try as many foods as he can, etc.
The phrase "myself not least, but honoured of them all" is a little tricky. It means something like "I wasn't treated like the least little thing but was honored by everybody I met."
Ulysses also describes the time he spent "on the ringing plains of windy Troy," the famous city where the Trojan War took place: you know, that famous war dramatized in the Brad Pitt movie Troy? The "plains" are "ringing" because of the armor clashing together in battle.
"I am a part of all that I have met" is a strange phrase. Usually we say something like "all the places I have seen are now a part of me." The phrase suggests that Ulysses left parts of himself everywhere he went; this sounds like another way of saying "I don't belong here in Ithaca."
Yet all experience is an arch wherethrough Gleams that untravelled world, whose margin fades For ever and for ever when I move. How dull it is to pause, to make an end, To rust unburnished, not to shine in use! As though to breathe were life!
Ulysses further justifies his desire to keep traveling and living a life of adventure.
He compares his life or experiences to an arch and describes the "untravelled world" as a place that "gleams" at him through that arch. All he has to do is walk through the arch…
The first two lines of the passage are very tricky, and we're not entirely sure what they mean. One way to read "Untravelled world" is as a reference to death; it is always looking at him through the "arch" of his experiences, but somehow seems to recede ("margin fades") as he keeps moving.
You could also think of the "Untravelled world" as an arch. As Ulysses moves, his experiences make an arch covering the arch of the "Untravelled world." The more he travels, the more the margins or edges of that world recede or are covered up.
Ulysses reiterates how boring it is just sitting around when he could be out exploring the world. It's a lot like that feeling you get when you're just getting into the rhythm of things and have to stop.
He likens himself to some kind of metallic instrument that is still perfectly useful and shiny but just rusts if nobody uses it, like that ancient bicycle in your garage. If Ulysses weren't a soldier, he might say he's just collecting dust.
For Ulysses, life is about more than just "breathing" and going through the motions; it's about adventure.