literal meaning
as most people say, pointed out and whatnot. If you look at each part of his name in kanji, this Kishimoto-sama writes it that way, it actually means "I love death" or something along those lines.
我 愛 羅, see the lovely kanji? if not.. uh, sorry. lets take it piece by piece, ne?
= 'ware, waga' means my, me, our, self, oneself.. you get the point
= 'ai' means love
= 'shura, ra' means something along the lines of death or carnage
so yeah.. its basically "ware ai shura" or as the kanji suggests.. so like "I love death" ^___^;

naruto-ness meaning
In Chapter 130 of Naruto, during a Gaara angsty flashback scene, we learn the Naruto-ish meaning of his name. Yashamaru, his uncle, reveals to Gaara the name that was given to him. Upon Gaara's mother's deathbed, she gave him the name which means "ware wo aisuru shura" or "the demon who loves only himself" in hopes for him to bring revenge for her suffering and destroy as much as he can without care. She had hopes this name would bring him the power he needed to do so, so he would live without the love of others and spread his own hate upon everyone else. Its a sad truth, and something that did mess him up a bit.. besides everything else in his life.

so.. both are basically the same thing... one just took apart the kanji and one is a meaning. x.x; make sense? sorry, I'm rather horrible at Japanese, used a dictionary and searched for a while to get it and all... x.x

oh look the kabalarian meaning of gaara
Your first name of Gaara makes you spontaneous and versatile, enjoying congenial association, appreciating the finer things of life, and loving to talk and debate. You are strong willed and self-sufficient, not depending on others for encouragement. Your desire for independence and freedom means that you seldom tolerate limitations. Although you are naturally happy and generous, you fail to hold friendships because you are inclined to be too dogmatic, argumentative, or sarcastic. In an argument, you usually emerge the victor, but at a cost. Physical weaknesses centre in the head. The eyes, ears, teeth, or sinuses could be affected, or you could experience loss of hair. Skin problems such as acne or eczema could also appear.
hm.... not that bad o__o;;