Ok, my Spanish isn't the best and I had to use babelfish to help me on this one, but I believe what's being said is:
First guy: Coochy coochy coo (you didn't really need a translation for that, did you?)
Girl says: It better not so much as cross your mind to tickle me.
Girl thinks: My god! This can't be happening to me!
Second Guy: You're ticklish. I noticed the fear in your eyes.
Third Guy: We're your worst nightmare. We'll tickle you for interminable hours.
The Box in the Bottom-Right Corner: The Giganteski brothers are the most skilled torturers in all of Russia. This time, they've kidnapped the capricious daughter of a rich tycoon and they have arranged to send a video with several hours of the most infamous of the tortures, tickling, to ensure that the ransom is paid quickly. They wait for several days with the poor girl for her father to authenticate the ransom of the ticklish one (??).
Not sure about that last sentence, but I think the rest of it's right.