The phrase you wrote is informal one. Yes, it can be translated as "Listen to what I am saying to you"?
Formally, it should be written as: Вы слышите, что я вам говорю?
But often people instead of "что" say "чего", "чиво" or "чё".
"Чего" is "что" in genitive case.
The phrase you wrote is in slightly aggressive style, and I often heard it from people we call "гопники". In England you call such people "chavs", as I know.