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The lyrics were revealed at the brawlcentral’s forums today by Yoshi. These are not fake, these are the actual lyrics both in Latin and Japanese, and an English version translated from the original lyrics. All of you people who have been anxious to know what exactly do the lyrics mean can finally know!
All credits for this go to Yoshi of Brawl Central
Audi famam illius.
あの人の噂を聞いたことがある
I have heard of his rumor.
Solus in hostes ruit
たった一人で敵陣に舞い込み
He alone rushed into his enemies
et patriam servavit.
故郷を救ったとか
and saved his homeland.
Audi famam illius.
あの人の噂を聞いたことがある
I have heard of his rumor.
Cucurrit quaeque tetigit destruens.
地を駆け 触れるもの全てを砕いてまわったとか
He ran across the lands and everything he touched was destroyed.
Audi famam illius.
あの人の噂を聞いたことがある
I have heard of his rumor.
Audi famam illius.
あの人の噂を聞いたことがある
I have heard of his rumor.
Spes omnibus,mihi quoque.
皆のあこがれだった 自分にとってもそうだった
He gave everyone hope, as he gave me.
Terror omnibus,mihi quoque.
皆に恐れられていた 自分にとってもそうだった
He gave everyone fear, as he gave me.
Ille
その人はいま
He is now
iuxta me.
私の隣にいる
next to me.
Ille iuxta me.
その人がいま 私の隣にいる
He is now next to me.
Socii sunt mihi.
今は仲間がいる
My allies are with me.
qui olim viri fortes
かつては英雄だった
My allies, who were once heroes
rivalesque erant.
宿敵だった仲間たちがいる
and old enemies, are here.
Saeve certando pugnandoque
激しく競い合い 戦い合いながらも
As they fiercely competed and battled
sprendor crescit.
輝きを増していく
their splendor grew.
And for all of our fellow Mexican Smashers, I have gone through the not-so-difficult trouble of translating the song to spanish! So, if you don’t understand Latin, Japanese, or even English, but can read Spanish, you are in Luck! 
He oído de su rumor.
El se apresuró sólo a sus enemigos. y salvó su patria.
He oído de su rumor.
El corrió por las tierras
y todo lo que él tocó fue destruido.
He oído de su rumor.
He oído de su rumor.
El dio esperanza a todos,
así como a mí.
El causó miedo a todos,
así como a mí.
El ahora está al lado de mí.
El ahora está al lado de mí.
Mis aliados están conmigo.
Mis aliados, que fueron una vez héroes,
y mis viejos enemigos, se encuentran aquí.
Mientras ellos competían y combatían violentamente
su esplendor creció.
[eminimalls]
