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Viva /vi-va/ [2 sylls.] as a girls' name is of Latin origin, and the meaning of Viva is alive.
As stated, viva la vida means live the life.. In my opinion the song is about living life to the fullest and living the best way possible - being the best person you can be. It's about regrets and wrong turns, and in the end having someone look back at your life and saying, wow, you really lived..