Having studied Latin for 6 years, i would translate the song as follows:

To add to Simetrical's list:
* hellas - greece in greek, this usually refers to the Trojan War, and its history:
Aeneas was the son of Anchises and Venus. He was a cousin of King Priam of Troy, and was the leader of Troy's Dardanian allies during the Trojan War. After the fall of Troy, he led a band of Trojan refugees to Italy and became the founder of Roman culture (although not of the city of Rome itself). He was the mythical progenitor of the Julian gens through his son Ascanius, or "Iulus," and Virgil made him the hero of his epic, the Aeneid.
Unfortunately, Romans call Greece "graecia", clearly hellatorius is a declension of something wrong to begin with. However, upper-class romans often took lessons in philosophy (and therefore, greek) as well. They would perhaps say "hella" (genitive) and
* victoriae. Victorialis is wrong, since victoria is feminine, not neutral.
* erastus - beloved
* despondere - to sign/give away, to pledge (with honor)
* patriota - should be patriae (genetive female singular - of the fatherland)
* ommento - should be om-manento where om- is wrongly added to force a datif/ablatif reading; from manere, to wait, to remain.
* salutaris - wholesome, advantageous, healthful (nominativus)

So hellatorius, victorialis, patriota and ommento are definitely non-latin words. The others could be seen as a "poetical freedom" use of language...
A 'correct' translation is between " "
My speculative translation is between [ ]

hellatorius victorialis (warlike; victory)

"From the victory of greece/Troy"

erastus necessitas (lovers; death)

"beloved inevitability" [perhaps the inevitability/necessity of Rome?]

honararius despondeo (honour; despair)

"I pledge my honor"

spiritus obdormio (life; death)

"(my) spirit/life falls asleep" [i pledge my honor until i die?]

patriota gladiator (country; fighter)

"Gladiator of the fatherland..."

afflictio ommento (pain; waiting)

"to the remaining pain" [fighter for my country despite the pain that awaits me?]

divinitus salutaris (heaven; salvation)

"The wholesome divinity"

furtivus libertas (furtive love; freedom)

"stolen freedom" [polytheism sucks?]

Speculating, I kind of understand what the singer / song writer is trying to say, but you can still sing ommanento & patriae for it to actually be latin... oh well, i had fun writing this.

summary:

"From the victory of greece/Troy"
"beloved inevitability"
"I pledge my honor"
"(my) spirit/life falls asleep"
"Gladiator of the fatherland"
"to the remaining pain"
"The wholesome divinity"
"stolen freedom"