An interesting video of this beautiful oldie (old music hit) by the American group The Turtles, expressing the literal meaning of the every line using pictures, with subtitles.

Imagine me and you, I do
I think about you day and night, it's only right
To think about the girl you love and hold her tight
So happy together

If I should call you up, invest a dime
And you say you belong to me and ease my mind
Imagine how the world could be, so very fine
So happy together

I can't see me loving nobody but you
For all my life
When you're with me, baby the skies'll be blue
For all my life

Me and you and you and me
No matter how they toss the dice, it had to be
The only one for me is you, and you for me
So happy together

Ba-ba-ba  ba-ba-ba-ba-ba-ba-ba  ba-ba-ba-ba
Ba-ba-ba  ba-ba-ba-ba-ba-ba-ba  ba-ba-ba-ba

Me and you and you and me
No matter how they toss the dice, it had to be
The only one for me is you, and you for me
So happy together

So happy together
How is the weather
So happy together
We're happy together
So happy together
Happy together
So happy together
So happy together

I DO= The verb DO can be a pro-verb (a pronoun replaces a noun, a pro-verb replaces a verb). A pro-verb substitutes for a verb and its complements, so in this sentence, I DO means "I imagine me and you", as it was said in the previous sentence.

HOLD= Embrace, hug, put your arms around somebody.

IF I SHOULD CALL YOU UP= We can use the modal verb SHOULD (or MIGHT) in an if-clause to express the idea that it is not very probable.

CALL YOU UP= Phone you. We can also say "ring you up".

INVEST A DIME= Spend a dime. To invest is to spend money but then you will get a benefit from it (in this case, an emotional benefit if you accept me)
DIME= An American coin which is worth 10 cents (it comes from the French word "decime", tenth)

TO EASE= To calm, to relax, to stop from worries.

I CAN'T SEE ME= I can't imagine myself (doing that).

TOSS THE DICE= DICE is the plural of DIE, wich is a square cube with dots on each side going from 1 to 6. To throw the die, or to toss/cast the die is to throw it rolling to see what number you get. It is used for gambling (a game where you bet money)

IT HAD TO BE= Also "it was meant to be" = it was our fate (change it), nothing could change that future event.