"Bailamos" is the spanish plural inclusive, derived from the infinitive "bailar", meaning "to bail". It has two meanings:
1. To lose one's balance and crash into the ground at relatively high speed. For example, when skiing, if you get your skis crossed while tearing it up down the mountain, you will most likely lose your balance and do a faceplant into the snow. Hence, to "bail". In plural form, if you're barrelling down the mountain and crash into a group of slower skiers, everyone bails, hence "bailamos".
2. To pay the court fee allowing an incarcerated person to go free until their trial date. In plural form, suppose you and your underage g/f were caught having sex in public and were both hauled off to jail. Assuming you get mom to come down and bail you out (and pay her back, of course), you have indirectly bailed the both of you out of jail, hence, "bailamos".
It's quite simple, really...