The most common way to recite Mi Shebeirach is the one below. It was written by Debbie Friedman and is a beautiful song.

Mi shebeirach avoteinu
M’kor hab’racha l’imoteinu
May the source of strength,
Who blessed the ones before us,
Help us find the courage to make our lives a blessing,
and let us say, Amen.

Mi shebeirach imoteinu
M’kor habrachah l’avoteinu
Bless those in need of healing with r’fuah sh’leimah,
The renewal of body, the renewal of spirit,
And let us say, Amen

This is the translation of the traditional Mi Shebeirach:

May the One who blessed our ancestors — Patriarchs Abraham, Isaac, and Jacob,
Matriarchs Sarah, Rebecca, Rachel, and Leah — bless and heal the one who is ill: May the Holy Blessed One overflow with compassion upon him/her,
to restore him/her,
to heal him/her,
to strengthen him/her,
to enliven him/her.
The One will send him/her, speedily, a complete healing.
Healing of the soul and healing of the body
along with the ill,
among the people of Israel and all humankind,
soon,
speedily,
without delay,
Amen!