Pasuram:

mEttiLamEdhigaL thaLaividum AyargaL
  vEynkuzhalOsaiyum vidaimaNik kuralum
Ittiyavisaithisai parandhana vayaluL
  irinthana surumbinam ilangaiyar kulaththai
vAttiya varisilai vAnavar ERE
  mAmuni vELviyaik kAththu avapiratham
Attiya aduthiRal ayOththi em arasE
  arangaththammA paLLi ezhuntharuLAyE

Meaning:
The sound of the flutes played by the yadavas who are releasing the tall young buffaloes to graze, mixes with the sound of the bells tied to the necks of the young bulls, and is spreading everywhere. The swarms of bees in the fields make a loud noise as they fly. O Lord of the devas! who has the beautiful bow known as Sarngam that was used to destroy the asuras in Lanka. Our Lord! who has the great strength that protected sage Vishvamitra's yaga and allowed it be completed. O Lord of Srirangam! Please wake up and give us Your grace.

Vyakhyana Saram:
Just as You were born as Sri Rama and protected Your devotees by destroying their enemies, so too should You wake up and destroy our enemies that prevent us from serving You, says Azhvar.

The cowherds, who are releasing the young calves for grazing, not in the small grazing land ("erumai siRu veedu") but in the large grazing lands, are playing their flutes. The bells in the necks of the bulls are making noise as they run behind the cows. The bees that were drinking the honey in the flowers are flying out with a big noise. These sounds are mixing together and is spreading everywhere. You who destroy the enemies and protect all should wake up and give us Your grace, says Azhvar.

mEttiLamEdhigaL ... :
The cowherds were using the flutes to control the young buffaloes whose horns were just beginning to sprout. As the cows left for grazing, the bulls ran amidst them. The sound of the flutes and the bells in the necks of the bulls mingled to create a music which spread into the surrounding fields.

mEttiLamEdhigaL:
Even though the buffaloes were young, they had grown to a big size.

thaLai vidum AyargaL:
The cowherds that let the buffaloes loose. Since they are allowed to graze in the large lands, the buffaloes roam everywhere.

vEynkuzhalOsaiyum:
Since the buffaloes are grazing together and not scattered around, the cowherds are sitting around playing their flutes.

vidaimaNik kuralum:
The sound of the bells tied to the bulls that run after the cows. When these animals that know nothing ("gnyAnena hIna: pashubhi: samAna:") and the cowherds that go after them are awake and moving about, shouldn't You who knows everything be awake?

Ittiyavisai thisai parandhana:
The collective sound of the flutes and the bells has spread everywhere.

irinthana surumbinam:
The bees, that were drinking the honey in the flowers that bloomed in the morning, are now making a noise.

vayaluL irinthana surumbinam:
Not only the bees in the gardens, but also the bees in the fields that were drinking the honey in the flowers there and in the lotuses in the water, are making a noise and are scattering.

ilangaiyar ... :
You have the bow Sarngam with which You destroyed Ravana the king of Lanka (which had become the refuge of all evil) and all his associates without sparing anyone. Thereby You fulfiled the prayers of Brahma and the devas and You became happy.

You also destroyed Thataka and other asuras that were an obstacle to the yaga conducted by the sage Vishvamitra. This was also the first step to destroying Ravana.

ilangaiyar kulaththai vAttiya:
You destroyed Ravana and his hordes completely. If He destroyed them so completely, why would Azhvar only use the word "vAttiya"? Just as Andal talked about the destruction of Ravana in a simple fashion being the wife of a warrior ("pollA arakkanai kiLLik kaLainthAnai"), Azhvar too talks about the same with the use of this simple word due to the pride he has in Him.

Sri Rama's arrows throw fire when shot ("eri sidhaRum saram", "dIptapAvakasankAshai:"). Therefore, they will destroy their target completely.

varsilai vAnavaERE:
O Lord of the devas! who has the most beautiful bow.

Azhvar is reminding about His act of restoring Indra's capital Amaravati and giving him the heavenly world, just as He destroyed Ravana and gave Sri Vibeeshana the crown of Lanka.

mAmuni ... :
Protected the yaga of sage Vishvamitra.

Muni's are those who constantly reflect Him in their minds ("ninainthirunthE siramam thIrnthEn", "Ehi pashya sharIrANi"). Mamuni's are those who feel that they have nothing with them to protect themselves and look to Him fully for their protection. Azhvar asks Him if He will wake up only if such maharishi's come.

mAmuni vELviyaik kAththu:
Azhvar is describing His strength and bravery that is capable of destroying Lanka.

Muni's are those that are capable of doing what they wish by themselves. Sage Vishvamitra was doing that as well by giving out curses and losing the strength of his penances, losing his nature (being entirely dependent on Him) and also breaking His nature of supporting one and all. Once he became a mAmuni, he became one who seeks Sri Rama to help complete his tasks.

avapirathamAttiya:
Having the pride that He destroyed the enemies of the yaga and help complete it.

ayOththi em arasE ... :
You became the king of Ayodhya as Sri Rama. But those who came after that avatar cannot enjoy that. So, You liked Srirangam better than Ayodhya and decided to take rest there. Now You must wake up and accept our service.

aduthiRal:
You who possess the bravery with which only could the yaga be completed. You also possess the strength to destroy all enemies.

em arasE:
Unlike Sri Rama who was present at one time in Ayodhya, You came to Srirangam to help everyone who came after. Should that not bear fruit? Having destroyed the enemies as Sri Rama, can You be taking rest now? The devas who were tortured by those asuras have come to Srirangam now - should You not wake up and enquire with them whether their enemies have been fully destroyed?

arangaththammA paLLi ezhuntharuLAyE:
At one time Vishvamitra woke You up ("uttiShTha narashArdUla"). Would You now wake up only if such maharishi's came? Shouldn't You be waking up to protect Your devotees?