Verspielt is the past participle of the verb verspielen, which means to lose something through gambling, frivolity, or playfulness. It carries a sense of having carelessly thrown something valuable away.
In the song, Wincent Weiss sings, "Hab' in mei'm Leben schon genug verspielt" (I've already gambled away enough in my life). He uses this powerful word to express deep regret over past mistakes and relationships he didn't take seriously, adding a layer of urgency and sincerity to his current proposal.
Imagine casually asking someone if they have a minute, and then hitting them with a marriage proposal. That nervous, clumsy charm drives German pop singer Wincent Weiss in "Hast Du Kurz Zeit". He starts by looking back at the messy early days of a relationship: a small flat with a mattress on the floor ("deine kleine Wohnung / Mit der Matratze auf dem Boden") and long drives where his partner dozed off beside him ("am penn'n bist", casual German slang for sleeping). He even remembers how they skipped apologizing after an argument and went straight to saying "Ich liebe dich' statt 'Tut mir leid'" ("I love you" instead of "I'm sorry"). Now, after a winter that flew by like summer, he realizes he has gambled away enough chances in his life already. If he does not ask right now, he never will.
What makes the chorus fun is the contrast between polite small talk and a giant life commitment. He stumbles over his words with "Warte, warte, warte / Ganz kurz, eine Frage / Ich, äh" ("Wait, wait, wait / Really quick, one question / I, uh"), before dropping the question: "Hast du kurz Zeit / Mit mir den Rest deines Lebens zu teil'n?" ("Do you have a moment to share the rest of your life with me?"). He plays it cool, offering "So fünfzig Jahre reicht / Bisschen mehr vielleicht" ("About fifty years is enough / A little more maybe"), before wrapping up with the everyday German phrase "sag Bescheid" ("let me know"). It turns a terrifying, life-changing question into an endearing, casual offer.