Here is a translation from Sant Teja Singh
There is but One all embracing and all-powerful Divinity, Who manifests Himself first in the shape of the sacred word(OngKaar), and then through the whole created Universe. He is the One-in-All and the All-in-One. He is the Eternal Reality.
Eternal and True is his name (Satnaam)
He is the Creator, and has the power of independent self-creation. He permeates the whole creation.
He is the only male element in the Universe and all else is female.
He is above all fear
free from all thoughts of enmity.
Akaal Moorat Ajoonee Saibhang
He is immortal, free from birth and rebirth, and can be realized in every created thing. He is self-existent. Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=8203
The whole universe is dependent for its existence on Him but he is self-existent; the Generator of all, without any one to generate Him.
He can be realized through the grace of the Guru: - The Teacher who is God conscious, and sees Him both within and without.
you can download the whole book of translation at http://www.westernssa.com/resources/...ja%20SIngh.pdf Index of /resources/docs
I find this translation although not explained line by line or word by word is more accurate.
The whole meaning of Mool mantra is really very deep. If you do understand punjabi audio. I suggest you listen to this
japji katha by Giani Thakur Singh here G U R M A T V E E C H A R . C O M - Giani Thakur Singh Ji (Damdami Taksal wale) KathaReference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=8203
In it Guru Ji explains to the siddhas why was the need for this, when we already had other mantras like om (ong,aum)
In short, we have a really priceless gift given to us, and it is superiour to everything .... try reciting
IK OongKaaar SatGur Prasaad for a while and you will feel.
OngKaar is the very form of God.
May Guru Ji bless you