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It is a dialogue said by a boy who watched and criticized a theater play. I also translated it myself for checking if I correctly understand the context.
わるいけどお先にしっけいするぜ。 --> It is not good but I have to say goodbye.
こんな茶番劇見てるなら --> If I have to watch this foolish play...
反省房へとじこもってへそのごみでもとってたほうがよっぽどましだよ --> I think secluding myself in repentance room and doing/taking..... would be much better.
I'm not sure if it means doing/taking unimportant thing.
Put it simply, he is saying that spending his time cleaning up his bellybutton would be a much more productive use of his time than watching that lame show.
He doesn't mean that he really wants to clean his bellybutton, it's just his way to insult the show.
わるいけどお先にしっけいするぜ。
Sorry but I'm getting out of here.
Literally: sorry but I'm gonna be rude first.
It is a very casual way to say 「先に失礼します」and basically just mean that you are leaving first(which I suppose is seen as rude by Japanese standards.)
わるい can be used to say sorry.(and not "this is bad".)
