Traducción
In real time, at full colours
In silence
I'm watching you
In a story of romance and fiction
It's not fairly enough
To simply see you
Or feel your touch
Through the screen of illusion
I'm tuned in on you
I adjust the dial so I can see you
In real time, at full colours
None of us says the goodbye in the end
I haven't taped your dreams
But have recorded you forever in my dreams
"Ao vivo e a cores" is an idiom that uses the context of broadcasting to mean "in person". Note that "ao vivo" is "live".
Apart the context of this song, when someone says "Estou ligado em vc", that means "I'm hooked on you". The very short "To ligado" is a reply of agreement in a conversation to mean "I see", "I follow", "I know what you mean", "I've heard of that already", etc