It's the theme song of a 1985 TV series 天涯明月刀 which's based on 古龙's novel 天涯明月刀
The main actor is a hero+swordsman+wanderer+lone wolf, the theme song is mainly for him
It's beyond my English level, well, I'll give it a try anyway...
月色倍清：Imagine the Moon, bright and cold (color)
刀锋倍冷：Imagine the sharp edge of his sword, reflecting the moonlight, bright and cold
茫茫天涯路：Imagine he's walking in the moonlight, doesn't know where to go, doesn't know what to do
迷人月儿薄纱背后，谁在妄想把天偷：Behind the fascinating lunar halo, who is there being delusional trying to obfuscate, to deceive?
烈酒最香，毒花最美，如何去消受：Spirits (白酒) are the most fragrant, poisonous flowers are the most beautiful, but how are you going to enjoy them? (It's sort of a metaphor. Imagine he's attracted to and falls in love with a woman, a woman who's beautiful and nice on the outside but evil and harmful on the inside, he just doesn't know how to enjoy, how to love)
谁能料明日酒醒以后，人尚暖，头还在，剑戟收：Maybe tomorrow when he wakes up from the drunkenness, he's not a cold corpse, his head is still on his neck, weapons are put away because he doesn't have to fight anymore. (Hidden meaning: He's tired of having to fight, he wants things to be different, but will it happen?)
在欢呼声中，竟充满了毒咒：In the cheers, unexpectedly are full of mean curses
床中的枕与衾，早施布了陷阱：Traps were set up in the pillows and quilt in bed. (Meaning someone intimate betrayed him)
常握的一双手，亦忽变作拳头：The hands that he's been held, suddenly turned into fist. (Meaning someone he's relied on, someone he's trusted now trying to hurt him)
鲜血未冷，情义已尽：The blood is not even cold yet, and the love is already not there anymore