djerdap said:"O lijepa, o draga, o slatka slobodo"
It's on Croatian, those are the words of one of the most famous writers in Croatian history - Ivan Gundulic (a 17th century baroque poet from Dubrovnik). These words mean "Oh beautiful, oh beloved, oh sweet liberty" and are featured in Gundulic's play Dubravka. The verse is considered to be the unofficial motto of Dubrovnik.
More here if anybody is interested: http://en.wikipedia.org/wiki/Ivan_Gundulic
Oh, and it is spelled Sarajevo, not Sarayevo.