Alado means "winged". It's a beautifully poetic and uncommon adjective used in the song to describe a "hombre alado" — a winged man.
This powerful image casts the narrator as a modern-day Icarus, flying over the intense city of "fury". The song uses this metaphor to explore feelings of escape and vulnerability, especially in the iconic line "Con la luz del sol se derriten mis alas" (With the sunlight, my wings melt).
This song from Argentine legends Soda Stereo drops you into a strange and beautiful dream. The singer describes himself as a winged man, flying over the “ciudad de la furia” [city of fury], which we learn is Buenos Aires. He feels both anonymous and connected, saying “donde nadie sabe de mí / Y yo soy parte de todos” [where nobody knows me / and I am part of everyone]. It’s a lonely perspective, looking down on a city where he sees “el temor” [the fear] in people's faces.
But this winged man is not just a passive observer. He is also a creature of the night, a bit like a modern-day Icarus who says “Con la luz del sol / Se derriten mis alas” [With the sunlight / my wings melt]. His world is the darkness, where he finds a secret lover. He asks her to hide him and let him “dormir al amanecer / Entre tus piernas” [sleep at dawn / between your legs]. It's a very direct, intimate image of finding refuge from the world. The song paints this amazing contrast between soaring over a tense city and finding a safe, secret place in another person's arms before the sun comes up.