As the other answers indicate, this is nonsense. But I think it would be helpful to provide (1) a parsing of the nonsense Latin, and (2) a good translation of the intended phrase.
Parsing of nonsense Latin
- vivamus: 1st person plural subjunctive, "let us live"
- vel: (inclusive) "or"
- libero: this can either by the 1st person of libero ("I deliver/free") or the dative/ablative singular of liber, which is either an adjective meaning "free" or a noun meaning "child."
- perit: 3rd person singular indicative: "he/she/it perishes"
- Americae: genitive/dative singular or nominative plural of "America."
The phrase doesn't fit syntactically even into a nonsense sentence. But here's the best sense you could make of it, if you are generous with the dative "libero" and interpret "Americae" as genitive (h/t to Sebastian for pointing out that the locative wouldn't work for a country):
Let us live or it perishes for a free person of America.
What's a good translation?
I suspect that the intended phrase is just "Live free or die," and that "America" from the subtitle crept into it. This is the state motto of New Hampshire, used in English during the American Revolution. According to the linked article, this phrase in term comes from the French "Vivre Libre ou Mourir."
Cicero has a sentence in the Philippics 11:24 that is parallel:
nunc quod agitur agamus. agitur autem liberine vivamus an mortem obeamus, quae certe servituti anteponenda est.
Now let's treat the issue at hand. The issue is whether we should live free or we should undergo death, which is certainly preferable to servitude.
Changing this a little bit, a concise Latin translation of "live free or die" is:
Aut vivamus liberi aut moriamur.
Either let us live free or let us die.
An even nicer sounding alternative from the above Cicero quote, which strays a bit further from the English:
Mors servituti anteponenda
Death is preferable to servitude.