It has the same meaning of the expression "have your cake and eat it too", that is, when there's a tradeoff you cannot have both things at the same time.

In this case you have three parts:

botte piena = a full barrel [of wine]
moglie ubriaca = a drunk wife
uva sulla vigna = grapes on the vine, the grapes used to  make the wine

The third part is sometimes omitted, and you also have "avere la moglie piena e la botte ubriaca".

There are some regional variations, for example, in Ferrara there's

An s'pol brisa aver galina, ov e cul cald.
Non si possono avere gallina, uovo e culo caldo
You can't have chicken, egg and warm ass (where warm ass means to not have to work)

It has the same meaning of the expression "have your cake and eat it too", that is, when there's a tradeoff you cannot have both things at the same time.

In this case you have three parts:

botte piena = a full barrel [of wine]
moglie ubriaca = a drunk wife
uva sulla vigna = grapes on the vine, the grapes used to make the wine

The third part is sometimes omitted, and you also have avere la moglie piena e la botte ubriaca.

There are some regional variations, for example, in Ferrara there's an s'pol brisa aver galina, ov e cul cald (non si possono avere gallina, uovo e culo caldo; literally, "you can't have chicken, egg and warm ass," where warm ass means not to have to work).

It has the same meaning of the expression"have your cake and eat it too", that is, when there's a tradeoff you cannot have both the goods.

In this case you have three parts:

botte piena = barrel full [of wine]
moglie ubriaca = drunk wife
uva sulla vigna = grapes on the vine, the grapes used to  make the wine

The third part is hardly present, and you have "avere la moglie piena e la botte ubriaca".

There are some regional variations, for example in Ferrara there's

An s'pol brisa aver galina, ov e cul cald.
Non si possono avere gallina, uovo e culo caldo
You can't have chicken, egg and warm ass (where warm ass means to not have to work)

It has the same meaning of the expression "have your cake and eat it too", that is, when there's a tradeoff you cannot have both things at the same time.

In this case you have three parts:

botte piena = a full barrel [of wine]
moglie ubriaca = a drunk wife
uva sulla vigna = grapes on the vine, the grapes used to  make the wine

The third part is sometimes omitted, and you also have "avere la moglie piena e la botte ubriaca".

There are some regional variations, for example, in Ferrara there's

An s'pol brisa aver galina, ov e cul cald.
Non si possono avere gallina, uovo e culo caldo
You can't have chicken, egg and warm ass (where warm ass means to not have to work)