I think we’re a little late on this topic, but I think Wikipedia has the right translation, which has already been mentioned in previous posts.
http://en.wikipedia.org/wiki/Crescent_City_%28song%29
Here’s what Wiki says:
“Crescent City” is the ninth track on the Lucinda Williams album Lucinda Williams. It was written by Lucinda Williams.
“The Cajun-influenced song is a homage to New Orleans, the “Crescent City.” It contains numerous regional references including the city Mandeville, Louisiana, Lake Pontchartrain, and Zydeco music. The song also contains two Cajun French phrases. The first “Tu le ton son temps” (perhaps “Tout est en son temps”) may be translated loosely as “everything in time.”[1] The second is “Laissez les bons temps rouler” or “let the good times roll.” The original recording possesses a pronounced Zydeco flavor with Accordion and fiddle instrumentation.”
Great song!