Elucubrando comes from the verb elucubrar, which means to speculate, ponder, or elaborate on something, often late into the night or with great effort. It's a more formal and less common word than simply
Carlos Vives built this song around one simple piece of advice: stop waiting and start living. He opens by noticing what's fading, singing "Ya no se escucha a los viejos de la manada" ["You no longer hear the old ones from the pack"], and turns that observation into a reason to grab the moment with someone instead of dwelling on what's gone.
The title comes straight from the hook, "Yo sigo los consejos del difunto" ["I follow the advice of the deceased"], and Vives keeps that advice light rather than solemn. He tells a quick, funny story about bad luck: "Yo pesqué un arenque" ["I caught a herring"], only to hand it straight to the cat before he could keep it for himself. Right after that joke comes the line that matters more to him: no money, but a good woman is worth more than any fortune. By the chorus he's inviting everyone to Cumbiana, his own festival, to dance the cumbia while there's still time.