Despabilado literally means "wide awake" or "alert." It's a less common word than simply "awake" (despierto) and carries a nuance of being sharp, quick-witted, and ready for anything.
In the context of the song, the lyrics state, "seremos bien despabilado y hasta el dÃa para cualquier situación." This suggests the speaker is not only alert but also clever and prepared for any challenge that comes their way, highlighting a key aspect of their character.
Get ready to meet "El Chale" by Los Minis de Caborca, a song that's all about a guy who's humble, smart, and always ready for anything. He sends materials "a los gringos" [to the Americans] and isn't afraid to get his hands dirty, even if he wasn't "los estudiados" [the educated ones]. He's a loyal friend, saying, "al que sin están conmigo y al que no ni hablar" [to those who are with me, and to those who aren't, well, nothing to say].
He's inherited intelligence from "las del viejo" [the old man] and loves to ride his motocross in the hills, staying "tranquilo" [calm] and "relajado" [relaxed]. But don't let that fool you, he's "bien despabilado" [very sharp] and prepared for "cualquier situación" [any situation]. What he values most is his "humildad" [humility], and he's welcomed everywhere because he's never "de presumido" [presumptuous].