Nirvana - Smells like teen spirit
Load up on guns and bring your friends
It's fun to lose and to pretend
She's over-bored and self-assured
Oh no, I know a dirty word

This is the first verse.
1) What does "load up on guns" mean?
2) "It is fun to lose and to pretend" What is fun to lose? What does it mean?

Question

Nirvana - Smells like teen spirit
Load up on guns and bring your friends 
It's fun to lose and to pretend 
She's over-bored and self-assured 
Oh no, I know a dirty word

This is the first verse. 
1) What does "load up on guns" mean?
2) "It is fun to lose and to pretend" What is fun to lose? What does it mean?

Answer

Load up on guns......means to get a load of guns... load means a large quantity 
Lose the revolution.....means the teenage revolution......He is being sarcastic here, I think

Honestly, I know this is a famous song but it reads like he made it up five minutes before he sang it......just kidding .... he may have worked on it for an hour.

Answer

Honestly the whole song is more about the media.
its about how the people evolve themselves around society and the media, and how corrupted it can be.

Answer

"load up on guns"- Заряжайте ружья 
"It is fun to lose and to pretend" - Это весело – проигрывать и притворяться.
Полный перевод песни на http://www.amalgama-lab.com/songs/n/nirvana/smells_like_teen_spirit.html