From "myopinions" notes on the original song on youtube:
http://www.youtube.com/watch?v=BAL0vCL5-P8
"Two girls, More(old word for a rebel leader, not the english more), lived up there, lived there. Come, more, come on Ianke(Bulgarian name). Come up to the village. There lived two girls. Let's go to the village. Let us show us the girls" It was really prestigious for a girl to be married for a rebel leader, because the turks that had us slaved wouldn't harm her, as they where affraid of the rebels. So it's about the old women leading the leader to the village in order to marry some lad.
Special thanks to - jamahata - who translated the lyrics and explained what they mean!
More detailed:
Dve sa momi, more, zhivovale, zhivovale, druzhkovale
(Two girls lived up there and they were friends)
Na edno si, more, platno tkale, platno tkale, dar gotvile
(One day, they were weaving a cloth, they prepared it for a gift)
Pa se dvete, more, sgovorile: Haide Yano, haide Yanke
(Then the two decided Come on, Yanke (bulgarian name), come on!)
Da ideme, more, gore dole, gore dole pod seloto,
(Lets go down there, below the village, )
da vidime, Yano, de se sbirat, de se sbirat ergenite
(to see, Yano, where do the boys gather)
de se sbirat, Yano, ergenite, ergenite i momite.
(Where, Yano, do the boys and girls gather.) - in the times the song was written, the bulgarian boys and girls used to gather somewhere outside the villages, usually at a glade in the forrest, where the elders couldnt see them.There they chose which boy/girl they wanted to marry and then sang and danced, holding the hands of the boys/girls they have chosen, thus forming a large circle of people