The whole sentence reads
There's no more time to be fooling around
I understand the first three lines, and the English translation seems to be literal.
I know that これ means "this". According to JGram, 以上 means "as long as", i.e., as long as you are a student 学生である以上は, etc. However, I'm not sure what これ以上 means and whether the これ is the same one that means "this". I think シャレてる時間はない already means "there's no more time to be fooling around".