Hi, Gargoyle - checked.
"Die Liebe" is noun, feminine, and means "the love".
"liebe" is adjective, singular, feminine, and means "dear".
The song doesn't refer in any way to those aberrations of youth you are suggesting, only to drinking together (alas).
But may it be a consolation to you: There is a lot of other German songs not only about wine and song, but love also. Most famous item: 2nd stanza of our old National Anthem:
Deutsche Frauen, deutsche Treue, deutscher Wein und deutscher Sang ...
German women, German fidelity, German wine and German song
Proverbial expressions often found in German drinking songs are:
- Wein, Weib, Gesang = wine, woman, singing
- Lied, Liebe, Wein = song, love, wine

Wilfried