The glance 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.