The best example I can give you is MONEY (Dinero) Pretend you are at the store with a child (nino) and they want candy and toys and everything. You answer No! Lo siento. If I let you have everything you want, it would bleed me dry. (meaning it would take all of your money and you would be DRY...NO DINERO left) Entiendes Ahora?
In your sentence the person is saying YES they would do anything, spend anything etc... for the person they are talking to. They would do whatever they could all the way until there was nothing left for them to give. Hence "bleed myself dry" I hope this helps
i think it's a very poetic way of saying "i'd die for you".
blood is a vital fluid. it's the reason we're alive - it brings oxygen and nutrients to all the parts of the body so they can keep working. if we lose too much of it, we die.
and so, the singer is saying he would be willing to bleed out until he's lost so much, he'll dry out.
it's also very meaningful as he's saying he would give up the reason he's alive, to someone else. it's a sacrifice of life for love. it's like he's saying "i would die for you; and for you, i would give up the thing that keeps me alive".
all of this in one short phrase, "for you, i would bleed myself dry".