What he *points up* said. It seems that every now and then this same question pops up and there is always someone who claims that the words have a meaning. You can find what Freddie says about it in a 70's Queenfanclubmagazine. Basically, what he said was: The unidentified language is nonsense. No meaning, just playing around with sounds and made up words.
:)
I used that song in my music assignment/presentation thinggy, and it's thanks to Freddie that I managed to study Indian/Parsee music (I would've studied English/Queen, but I wasn't alowed to study the music I always listen to - I would've gotten best marks if I could though....)