Auld Lang Syne was originally a poem written by Robert Burns in 1788. It may have been set to a folk song of the time, probably not necessarily the tune we sing now though . Burns was a Scottish poet and he tried to recreate the dialect in his writing. He is also known for quote the quote that lead to the title "Of Mice and Men."

Auld Lang Syne though is about a man thinking about the loves and friendships from long ago. Auld lang syne means long long ago or old long since. The cup of kindness is a drink shared by men and women that symbolizes friendship. Hence the reason it was picked up and made popular. Wiki says Guy Lombardo made it popular, and the wiki site has a really nice chart of different version of the song with translations.

So grab a brewsky and a friend and toast friends long ago and friends to come.

Here is the poem:
--quote--
Should auld acquaintance be forgot,
And never brought to mind?
Should auld acquaintance be forgot,
And auld lang syne?

For auld lang syne, my dear,
For auld lang syne,
We'll tak a cup o' kindness yet,
For auld lang syne.

And surely ye'll be your pint-stowp,
And surely I'll be mine!
And we'll tak a cup o' kindness yet,
For auld lang syne.

For auld lang syne, my dear,
For auld lang syne,
We'll tak a cup o' kindness yet,
For auld lang syne.

We twa hae run about the braes,
And pu'd the gowans fine;
But we've wandered mony a weary fit
Sin' auld lang syne.

For auld lang syne, my dear,
For auld lang syne,
We'll tak a cup o' kindness yet,
For auld lang syne.

We twa hae paidled i' the burn,
Frae morning sun till dine;
But seas between us braid hae roared
Sin' auld lang syne.

For auld lang syne, my dear,
For auld lang syne,
We'll tak a cup o' kindness yet,
For auld lang syne.

And there's a hand, my trusty fiere,
And gie's a hand o' thine!
And we'll tak a right guid-willie waught

For auld lang syne.

For auld lang syne, my dear,
For auld lang syne,
We'll tak a cup o' kindness yet,
For auld lang syne.
--quote--
http://www.carols.org.uk/auld_lang_syne_burns.htm

Auld Lang Syne ( you spelled it right!) is a very traditional Scottish poem and song made famous by poet Rabbie Burns (Robert Burns--Scotland's favorite son). Traditionally, the song in its earliest days of popularity in the U.K. would be sung at the end of a gathering of friends--it wasn't just for New Year. The friends would cross one arm over another, join hands in a circle, and sing a song of friendship and never forgetting each other.

When you think about it, it's actually a really beautiful tradition. It's kind of a shame we don't express our sentiments for friendships like that nowadays.

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SO WHAT DOES IT MEAN?

Old Long Past
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You can translate it by recognizing that "Auld" means "Old. "Lang" means "Long". And "Syne" means "Past." Okay, that last translation wasn't as obvious.

Now, what we sing today on New Years is a bastardization of Burns's original song and most of an English translation. Here's the original song as written by Burns:

~~quote~~
Auld Lang Syne

Chorus.
And for auld lang syne, my jo,
For auld lang syne,
We'll tak a cup o' kindness yet,
For auld lang syne,
1.
Should auld acquaintance be forgot,
And never brought to mind?
Should auld acquaintance be forgot,
And days o' auld lang syne.
2.
And surely ye'll be your pint-stowp!
And surely I'll be mine!
And we'll tak a cup o' kindness yet,
For auld lang syne.
3.
We twa hae run about the braes
And pu'd the gowans fine;
But we've wander'd mony a weary foot
Sin auld lang syne.
4.
We twa hae paidl'd i' the burn,
Frae mornin' sun till dine;
But seas between us braid hae roar'd
Sin auld lang syne.
5.
And there's a hand, my trusty fiere!
And gie's a hand o' thine!
And we'll tak a right guid willy waught,
For auld lang syne.
~~end quote~~

AND NOW THE FULL TRANSLATION??

~~quote~~
Old Long Past

Chorus.
And for old long past, my joy (sweetheart),
For old long past,
We will take a cup of kindness yet,
For old long past,

Should old acquaintance be forgot,
And never brought to mind?
Should old acquaintance be forgot,
And days of old long past.

And surely you will pay for your pint-vessel!
And surely I will pay for mine!
And we will take a cup of kindness yet,
For old long past.

We two have run about the hillsides
And pulled the wild daisies fine;
But we have wandered many a weary foot
Since old long past.

We two have paddled in the stream,
From morning sun till noon;
But seas between us broad have roared
Since old long past.

And there is a hand, my trusty friend!
And give me a hand of yours!
And we will take a right good-will drink,
For old long past.
~~end quote~~

So the answer is that you sing it every new year, because hundreds of years ago, Scots did the same thing to wish friends good tidings, and on New Year, you do the same thing (without even knowing it). Its popularity has carried it over into modern day. So now you know, whenever you sing that song, think of old friends past and present!