Learn Spanish (Latin America): Estamos por escuchar la última campanada y darnos el abrazo. - We are about to hear the last chime and give each other the hug.

Estar por followed by an infinitive (like escuchar) means to be about to do something. It shows an action is pending and will happen very soon. While estar para can also express this in some regions, in Latin America, estar por is the standard way to express that you are on the verge of doing something.

Does estamos por apply to darnos as well, and why is the pronoun attached?

Yes, the phrase estamos por applies to both verbs: we are about to hear (escuchar) and about to give (dar). The pronoun nos is attached directly to the end of the infinitive dar, which is a standard rule. Because there are two infinitives linked by y, attaching the pronoun to the second one keeps the sentence flowing naturally.

Does darnos mean give ourselves or give each other?

Here, it means give each other. The pronoun nos can be reflexive (doing something to ourselves) or reciprocal (doing something to each other). A hug (un abrazo) requires two or more people, making this a reciprocal action.

Why does última come before campanada?