Well the song was introduced while the Football World Cup held in South Africa last year. So I guess Waka Waka means, "Go For It" or something like that... In China, we might say it "jia you" which boost up your energy and give your fullest to achieve something...
Waka waka can not be found on google translator, but if you come to Indonesia and meet tribal Padoe then asked the residents, they must interpret it with their language, which means crazy.