Raising in the air the sombreros
[refrain] let's go and(1) kill, let's go and(1) kill, companions(2)
we'll paint red(3) the sun an' the sky
[ref.]
you(4) must gain(5) while dying, gunmen
[ref.]
you(4) must die while winning(6), guerrilla fighters
[ref.]
fighting with the hunger, moneylesses
[ref.]
students, rebels, bandits
[ref.]
brothers we are, kings and workers
[ref.]
Notes
(1) and: literally should be "to", but I used to know that in correct English one must use instead "go and {verb}" or "go {verb}ing", in this case I prefer the first.
(2) companions: I used this 'vox media' instead of "comrades" because the guerrilleros aren't communists or fascists and in Italian while "camerata" means "companion-in-arms" and is the fascist-specific term of address, "compagno" isn't communist-specific, is a common word (it's used even between children and between the partisans of Radical Party, the libertarian one); I supposed in Spanish it's the same, so the uncoloured term.
(3) red: as in "blood", no correletion with "paint the town red". (note: "rojo[space]sol y cielo" more probable without "s")
(4) you: impersonal, to be clearer I could have used "one", but I prefer "you".
(5) gain: the Spanish "ganar" actually means "gain, earn", I think it's used as "gain (even a little) victory for the final victory".
(6) winning: this is my worry because there's no sense in wishing death during victory, I think it's used as "winning against an enemy" therefore "doing the best".