It's two in the morning and this guy is still awake, thinking about "la mujer que me ha robado el corazón" (the woman who stole my heart). The song follows him through the night, clock by clock: two a.m., then "tres de la mañana, sigo desvelado" (three in the morning, I'm still sleepless), and finally six a.m., still stuck on the same thought. Her perfume is still in his room, and she left "sin adiós" (without a goodbye).
He is bitter about why she left, too. He says she let herself be carried away "por una billetera" (by a wallet), which is a blunt way of saying she went off with someone for his money, and he warns her "vas a pagar por tu error" (you're going to pay for your mistake). His answer to all this? Drinking. The chorus is "brindo por ella con una botella" (I toast to her with a bottle), because she is still "la dueña de todo lo que yo siento" (the owner of everything I feel).
A few things worth learning here: brindar por means to raise a glass to someone, desvelado is the word for being kept awake at night, and the shout "¡ay, ombe!" is a very Colombian exclamation, a relaxed form of hombre (man), common in vallenato and popular music from the Caribbean coast. The "le le lere" bits are just sung sounds, made for singing along with a drink in hand.