Part one. Søren, a shady bigot (= an eminent representative of highly moral Danish country life), in his trip to Copenhagen meets Stella, a fallen woman (= an actress), falls in love with her, marries her and comes with her back to the country. There, a nymphomaniac woman (= Søren's childhood playmate), tries incessantly to steal him from Stella (= behaves friendly to him), while Stella herself feels nostalgic about her theater life, and agrees to dance naked (= in her old stage costume) before a bunch of horny old men (= horny old men).
Part two. I will not say anything about part two. Discover it yourself.
The film is good. I rate it 6,75, which - as odd as it may seem - means: almost 7.