This song seems to be a debate about love and whether it is worthwhile. I have attempted a translation here
This is what the song sounds like:
http://www.youtube.com/watch?v=TC7LyI1GVYw
Teri mehfil mein qismat aazmakar hum bhi dekhenge
In your court (medieval), how destiny/fate/will of god plays out, we will also see
ghadi palko tere nazdekh aakar hum bhi dekhenge (2x)
Time close to eyelid/lashes, close to you, we will also see
haan ji haan hum bhi dekhenge
yes, (respectful reference) sir/madam, yes, we will also see
tere mehfil mein qismat aazmakar hum bhi dekhenge
as above
teri kadmon peh sir apna jhukakar hum bhi dekhenge (2x)
On your footsteps bowing our heads, we will also see
haan ji haan hum bhi dekhenge
yes, sir, yes, we will also see
bakhari? aaj pehgham mein mohabbat lehki aayi hai
The outside/season today on its pegham (unknown) has brought with it love
badi muzaat mein oommehdoon ki chaliya muskurahi hai (2x)
On large muzaat a flowere plant smiles (lot of guessing)
ghum meh dil peh zara daaman bachakar hum bhi dekhenge (2x)
In sadness, protecting our hearts with our skirts, we will also see
haan ji haan hum bhi dekhenge
yes, sir, yes, we will also see
agar dil ghum si khali ho toh jineyka maza kiya hai
If the heart is empty with sadness, well then whats the joy of living?
na ho khuney jigar toh aashk peeney ka maza kiya hai (2x)
If you don’t have a bleeding heart, what is the joy in drinking tears (read drink as taste- its more poetic than this translation)
mohabbat mein zara aansoon bahakar hum bhi dekhenge (2x)
In love, a few tears we will make flow and we will also see
Teri mehfil mein qismat aazmakar hum bhi dekhenge
In your court how destiny/fate/will of god plays out, we will also see
haan ji haan hum bhi dekhenge
Yes, sir, yes, we will also see
mohabbat karne walon ka hai bas itna hai afsana
The story of those who fall in love is just about this small
tadapna chupke chupke aahan bharna
To throb with yearing in continued silence, being filled with such longing
ghut ke mar jana
To give up and die (?)
tadapna chupke jinah
To suffer yearning in silence, yes sir!
tadapna chupke chupke aahan bharna
To yearn silently and filling up with longing
ghut ke mar jana
as above guessed
kisi din yeh tamasha muskurakar hum bhi dekhenge (2x)
With a smile, this entertainment, we will also see
hann ji haan hum bhi dekhenge
Yes sir yes, we will also see
Teri mehfil mein qismat aazmakar hum bhi dekhenge
hann ji haan hum bhi dekhenge
As above
mohabbat humne maana zindagi barbaat karti hain
We agree love spoils life completely
yeh kya kam hai ke mar jaane pe duniya yaad karti hain (3x)
So what is less or the loss that after death, the world remembers you
kisi ke ishq mein duniya luta kar hum bhi dekhenge (2x)
In someone’s love the world can be taken, and we will also see
teri kadmon peh sir apna jhukakar
ghadi palko tere nazdekh aakar
Teri mehfil mein qismat aazmakar hum bhi dekhenge
haan ji haan hum bhi dekhenge (2x)
As above