I just watched the video of before, during, and after the short clip that keeps being replayed
And here is a transcript that has been compiled that the best I can tell from the video is accurate in all the essentials (a lot is inaudible):
Bush: What about Kofi
his attitude to ceasefire and everything else ... happens
Blair: Yeah, no I think the is really difficult. We can't stop this unless you get this international business agreed.
(O.K., first question: What is this "international business?" Probably an international peacekeeping force in Southern Lebanon)
Bush: Yeah
Blair: I don't know what you guys have talked about but as I say I am perfectly happy to try and see what the lie of the land is but you need that done quickly because otherwise it will spiral
(Note that Blair is telling Bush that he need to act like the leader of the free world here, hoping he will do something.)
Bush: I think Condi is going to go pretty soon
(Ya think we should expect to President of the U.S. to KNOW what the Secretary of State is going to be doing "pretty soon? Ya think?)
Blair: But that's that's that's all that matters. But if you, you see it will take some time to get that together
(Blair is worried that Bush will forget to Remind Condi to try and do something, because Bush is a dipshit)
Bush: Yeah, yeah
Blair: But at least it gives people...
Bush: It's a process, I agree. I told her your offer to...
Blair: Well...it's only if I mean... you know. If she's got a..., or if she needs the ground prepared as it were... Because obviously if she goes out, she's got to succeed, if it were, whereas I can go out and just talk
(Now this is intereting...apparently Bush isn't willing to send even a surrogate "just to talk," whereas Blair is willing to go even himself "just to talk.")
Bush: You see, the ... thing is what they need to do is to get Syria, to get Hezbollah to stop doing this shit and it's over
Blair:
Bush:
Blair: Syria
Bush: Why?
Blair: Because I think this is all part of the same thing
(He means it's all part of what is happening with Iran's nuclear program, Iran influencing the Shia in Iraq, and Syria wanting influence in Lebanon)
Bush: Yeah.
Blair: What does he think? He thinks if Lebanon turns out fine, if we get a solution in Israel and Palestine, Iraq goes in the right way...
Bush: Yeah, yeah, he is sweet
Blair: He is honey. And that's what the whole thing is about. It's the same with Iraq
(The "he" here is either the President of Iran or Syria, not sure which...Blair is saying Iran, Syria or both are trying deliberately to destabilize Lebanon and are behind what Hezbollah is doing. Either that or the "he" is Kofi Anan, and they are saying he's not seeing all the connections and is naive.)
Bush: I felt like telling Kofi to call, to get on the phone to Bashad and make something happen
(Or maybe the leader of the free world should get on the phone to Bashad...oh, forgot, we don't talk to Syria or Iran)
Blair: Yeah
Bush:
Blair:
Bush: We are not blaming Israel, we are not blaming the Lebanese government
Blair: Is this...? (at this point Blair taps the microphone in front of him and the sound is cut.)
http://adamboulton.typepad.com/my_weblog/2006/07/bush_blair_unpl.html 
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