Good for you! Here is a translation of the text:
Born and baptized on January 21st, 1848, at Hinterhaid Nr. 3, Sebastian Gruber, catholic,
the legitimate son of Franz Gruber, Häusler (small farmer) and Marianna, legitimate daughter
of Joseph Koller, (Ausnehmer ?) in Hundshaberstift Nr. 6 and his wife, Theresia, nee Koller of (Pledetschberg ?) Nr. 1. Godparents were Franz Schmid, Häusler in Hinterhaid and my wife, Marianna, through me, Jakob Liendl, school assistant. Midwife was Maria Herbst and pastor was Johann (Reipuhl ?).
Notes: Jakob Liendl apparently wrote the baptismal entries during this time period and his wife, Marianna, served as god mother. I am not sure if Pledetschberg is correct and I am not able to find such a village nearby. Perhaps, other records will provide a better or more legible sample to read.
Allison - you may remember that the census link I sent you for this town in 1921 in a previous post had a Franz Gruber living at Hinterhaid Nr. 3 and next door in Hinterhaid Nr. 4 there was another Gruber family - likely related to you.
You might wish to check out this website too: http://www.dbb-aalen.de/Herkunft/Herkunftsorte/Herkunft-03-O...
It is a website for the Cultural and Heimat Group of Aalen where apparently lots of families from the Böhmerwald settled after being expelled after WWII. This website has a page for Hundshaberstift and Hinterhaid. The Böhmerwald or Bohemian Forest reminds me of a famous song about the area: "Tief in den Böhmerwald or Deep in the Bohemian Forest". In 1930 the town had 162 residents. You might wish to write to the administrator to see if he knows anyone from Hinterhaid who may know what happened to the Gruber families living in House Nrs. 1 and 2 in Hinterhaid.
Good luck on your further research.