I’ve been searching the entire web for any full version of this great song and finally, after a long disappointing search, I’ve decided to make it myself.
I’ve used an audio-editor to mix 2 different versions of the song. I’ve used the original soundtrack to mix with an acappella song of a girl called An Trang (found on YouTube).
In my opinion the remix worked out quite well.

For those who are interested or want to use it, feel free to grab it at:
http://users.skynet.be/dubbleeagle/temp/Hoist The Colours remix.mp3

Maybe an idea for someone who has more experience with audio-editing and someone with an even better voice to make their own version and spread it out???

Many greatings from a fellow Pirate

The King & his men [pirate *king and his men aka the first Brethren Court]

The last time the chorus is sung, it is actually sung:

Yo ho, haul together,
Hoist the Colours high
Heave ho, *thief and *beggar
Never *say we die

Although, I do believe if Elizabeth had continued to sing, rather than having been interrupted by Tai Huang, she would have sung the written version:

Yo ho, haul together
Hoist the Colours high
Heave ho, thieves and beggars
Never shall we die

Sarah

The King & his men [pirate lord & his men]
Stole the Queen from her bed [Calypso]
And bound her in her bones [bound her in human form]
The Seas be ours [in her human form Calypso is separated from the sea]
And by the powers [thus man (can attempt to) control the sea]
Where we will, we’ll roam [we'll go wherever we so choose]

Yo ho, all hands
Hoist the Colours high
Heave ho, thieves and beggars
Never shall we die

Some men have died [either this first line is referring to the original pirate lords or these first three lines are simply referring to the passing of time]
And some are alive
And others sail on the sea
With the keys to the cage [9 Pieces of 8 - the keys that, when united, etc., release Calypso from her human bonds]
And the Devil to pay [Calypso's wrath]
We lay to Fiddler’s Green [lay (course) to Fiddler's Green: pirates realized they weren't welcome in the tradition Christian Heaven, so they came up with their own version of the afterlife and dubbed it "Fiddler's Green."]

The Bell has been raised ["song has been sung", the alarm has been sounded, the hour is upon them]
From its watery grave [dreaded hour, a dreaded issue, they had hoped to leave it buried and never deal with it again]
Hear its sepulchral tone? [sepulchral = funereal; a funeral song, a funeral tune]
A call to all [a warning to all]
Pay heed the squall [heed the coming storm]
And turn your sail to home

Yo ho, haul together
Hoist the Colours high
Heave ho, thieves and beggars
Never shall we die

The lyrics here are exactly as they are sung in the movie, hence why a few words have been left out here and there (as opposed to what has been previously posted)

To better understand these lines:
“lay to Fiddler’s Green,”
“the Bell has been raised,” &
“pay heed the squall”
refer to the lesser known definitions below.

lay:1) to bet or wage
2) nautical: to head in a specified direction; (ex. “lay west…;lay to the north
so, “lay to Fiddler’s Green” could be the wager the pirates are taking in releasing Calypso - if they don’t release her she can’t kill them all, if they do release her, however, chances are she’ll at least attempt to kill them all.
OR, more likely
they believe her wrath will be so great that in releasing her they are sentencing themselves to death, so they might as well “lay (course) to Fiddler’s Green”/”set sail to Fiddler’s Green”
(Fiddler’s Green = pirate’s version of the afterlife)
NOTE: In PoTC: At World’s End, the idea of the flash of green light was inspired by “Fiddler’s Green”, not the other way around.

bell: 1) to utter long, deep, resonant sounds; bellow
2) nautical: a stroke on a hollow metal instrument to mark the hour
so, “the Bell has been raised” - the alarm has been sounded…
OR
the hour is upon them, “from it’s watery grave” - a long awaited (and dreaded) hour.

squall: 1)loud, harsh cry
2) short, violent storm characterized by sudden and violent gusts of wind
so, “pay heed the squall” could be the song of the Pieces of Eight - the song is a warning, heed it…
OR, more likely
note the coming storm (Calypso’s wrath) and “turn your sail to home” - because no sane sailor wants to be caught on the sea when Calypso strikes.

A beautiful song and a brilliant movie. Hope my translation/interpretation was helpful/insightful.

’til later,
Sarah

Thanks!

I tried downloading the version of “Hoist the Colors” that you created/mixed. Every time I tried, it just took me to this completely unrelated html page. Would it be possible for you to send me the version you mixed of the song? Do you have it in mp3 format? I’d really appreciate it. Thanks so much!

ImmortalSadra@yahoo.com