brought eyes and wisdom a tape band,
To measure four sides and all the world’s land.
Who drinks the whole wines whom we named heart,
Who sucks within it all beauties of art.1
Rang-o-boo in line 4 has vast meaning. It means
beauty (of every kind), pomp and show,
grandeur, riches ostentation etc.
Iqbal has explained this basic theme of above mentioned verse in Zarb-i-Kaleem, page 39
The lost in the world is the Kafir’s sign,
In whom the world bids is the ‘Momin’s sign.
As such line 3 and 4 means
The great drunkard whom we (later) named heart, It sucks all beauties of nature and art.