Elbet bir gün buluşacağız

 Bu böyle yarım kalmayacak

İkimizin de saçları ak

Öyle durup bakışacağız

Belki bir deniz kenarında

 El ele maziyi konuşacağız

 Benim içimde yanan ateş var

Sevgilim ne zaman buluşcağız...

My attempt as öğrenci.

I think, in this line "durup bakışmak" means "to gaze on eachother admiringly" or "to stare eachother admiringly". Here, "durmak" is not used in the literal meaning, it means "continuously".

 we would say gaze AT each other or stare AT each other

Yes - I think that when you use "durup + (verb)," it sometimes means to "keep doing (verb)."

Thanks Metehan   I do know about the use of durmak to mean continuously - it just never occurred to me here - the first thing that came to mind was ´stop and´.  Hopefully as you didn´t correct anything else, the rest was ok

I just had a look at what ´Manisa Turkish´ has to say about ´durmak´ used in this way and they give ´dura+verb´ as ´to keep on verb-ing´.  

So is it correct to say ´durabakışacağız´ as an alternative to the above?  This wasn´t what I was taught - I was taught the way you described in your post.

 it is (verb+ip) + dur-

"oturup durma" for example

I´m now more confused.  I learnt as you say above.  But in that case why isn´t:

Öyle durup bakışacağız - meaning, as Metehan said, literally ´we will look at/admire each other continuously´ written as ´Öyle bakışup duracağız´?

My feeling is that because the ´durup´ used the ´ip´ suffix I thought your original translation made the most sense grammatically.