What does Varuna mean?
In Vedic Hinduism Varuna is the deity of the waters, oceans, rivers and the celestial waters. The name is Sanskrit; later tradition firmly associates him with the sea and all water.
What does Nagaraja mean?
From Sanskrit नागराज (nagaraja) 'king of snakes', from naga 'snake/serpent' + raja 'king' (also spelled Nagaraj in Tamil/Kannada/Telugu usage). A well-attested compound; the serpent sense is secure.