What are the lyrics (language and translation) of the song "Bila" by
the Versatones from 1958?

What a craaazeee song!

Personally, I have no idea what they're saying.  To me, it sounds
something like "all ya gotta do is ..." and then turns into nonsense.

There are theories that the song is in Spanish and (the one I prefer)
that they really aren't singing anything.

"Versatones and Versatiles", thread on <rec.music.rock-pop-r+b.1950s>
(July 7-26, 1998)
Google Groups
http://groups.google.com/groups?threadm=35A2D4DF.1B3C%40earthlink.net

But I have not confirmed either of these theories.

I did a little looking around for this too, with no success either. 
However, I did find that the song, while considered an unusual one, is
generally categorized in the "Doo-Wop" category.  By definition,
Doo-Wop is "n. A style of rhythm and blues popularized in the 1950s
and characterized by words and nonsense syllables sung in harmony by
small groups against a stylized rhythmic melody. [Imitative of the
vocals in such music.]" (
http://dictionary.reference.com/search?q=doo-wop ) Therefore, it may
be that the reason the lyrics are unintelligible is that they ARE
nonsense and not meant to be understood.  But perhaps another
Researcher will have more luck and be able to actually translate them
for you.
Cheers,
--Byrd