• alam alam — enough, enough
  Doubled. Śiva's reflex — stop. Gauḍīyas note the tenderness: this is mahā-kāruṇya speaking, no sect-flattening intended. The Bhāgavatam loves Śiva even as it diagnoses him.
• vṛṇīṣva — please choose (a benediction)
  Imperative of √vṛ — to choose. The fatal generosity. Compare Kṛṣṇa with Yudhiṣṭhira (v.7): Hari answers the question put; He does not hand out a blank check.
• abhikāmam — according to desire
  Whatever-you-want — the most dangerous adverb a lord can speak to an asura. Gauḍīyas read: kāma-pūrti is not Bhagavān's typical mode; need-pūrti is. Śiva crosses that line and pays.
• toyena — with water
  Bel-leaf-and-water — Śiva's classical small price. The Bhāgavatam preserves this affectionate truth even while exposing its risk. Quick to please by water; slow to extract the gift back.
• prapadyatām — of those who take shelter
  Genitive plural participle of pra-√pad — to take shelter, surrender. The same prapatti-root the Gauḍīyas treasure. Śiva names it: he is moved by śaraṇāgati, even thin śaraṇāgati.
• ātmā bhṛśam ardyate vṛthā — your body is excessively tormented in vain
  Contiguous-join (ātmā + bhṛśam + ardyate + vṛthā). Śiva's pastoral verdict: the austerity was wasted. He gives without making the asura pay the price — the very thing Hari refuses to do.

• Where in my life has God said 'stop, stop' before I damaged myself?
• How do I receive divine interruption — as obstacle or as rescue?

A king finds a man cutting himself open in the courtyard and cries 'enough — I would have answered the doorbell for a cup of water!' Śiva's lament is genuine: he is not the Lord who must be impressed; he is the Lord who is too easily pleased. The mercy is real; so is the risk it creates.