Answer:
Shakespeare's English is Modern English already, but if you want to paraphrase today's English into Shakespeare's English, you'd have to get a pretty good knowledge of Shakespeare's time's dialect. The most significant difference is the use of distinct second person singular pronouns and verb forms which go along with them. These pronouns thou, thee, thy and thine correspond to you (subject), you (object), your and yours. The corresponding verb forms where thou is the subject of the sentence generally end in the letters -st.
Another interesting difference is that "has", "does" and similar third person singular words are sometimes spelled and pronounced "hath", "doth" and so on (just as if someone had a lisp). Negation is sometimes expressed by reversal without the use of an auxiliary verb "do"; "I know not" rather than "I do not know", "I think not" rather than "I do not think." There are different contractions: it becomes 't, and is sometimes becomes 's, but not does not become n't. So you find 'tis but not it's, and cannot rather than can't.
And of course the vocabulary is a little different, especially when you are talking about Shakespeare, whose vocabulary was about three times as great as the usual.
Yes, you can.