I feel the song is very simplistic its statement but very deep in meaning.
The phrase "no woman no cry'' means if you do not have a woman, life for a man has no responsibilities- NO CRY- he can be a player basically immature. However who wants to spend his life without a true mate and all the responsibility that comes with it- hence there will be some tears. How ever some of the tears will be tears and cries of joy.
Think about it -this is a very deep song