Answer: As a matter of fact, this phrase has nothing but a spiritual meaning. The entire Torah speaks only about spirituality, not about physical actions of this world as many people think.
“We shall do” means that we will unite, and “we shall hear” means attaining a benevolent force that manifests itself in our effort to connect, to be kind to each other. This force completes our action, as it is written: “The Creator completes me.”
Question: What shall we “hear” after we connect?
Answer: “We shall hear” signifies the level of Bina, i.e., hearing (not material, but internal). It’s a condition when we recognize the force of bestowal that actually appears among us and connects us.
The bestowing force unveils itself and fills the space among us. This force is called the Creator; at this point, we reveal its properties. This is called the revelation of the Creator to the creations in this world.
From the Israeli Radio Program 103FM, 5/17/15