"I can make you mine, taste your lips of wine."
1. Does 'make you mine' mean having you become my girl or wife...etc.? Yes Is it a common usage? Yes, especially in music and poetry Do you native speakers say it often? In love letters I imagine that they do.
2. What does 'taste your lips of wine' mean? This is a metaphor for something intoxicating in a pleasant way. Does it mean the girl's lips like wine, good to taste? Is it a common usage? NO
"Only trouble is, gee whiz
I'm dreamin' my life away"
3. Is 'gee whiz' just an exclamation, doesn't have much meaning? just an exclamation Do you still use it today? No
4. Does 'I'm dreaming my life away' mean 'I'm wasting my life'? Yes Is it a common usage? No