Hail in archaic English means Salvation, Saves, etc. "Hail" comes from the German "Heil". "Heaven" in German is "Heilland", while "Holy" is "Heilige", and "Salvation" is "Heil", as is "Being Saved".
"Salve Regina" then means essentially "Save us O Queen" or "O Queen you are our Salvation". Anyone who can save is of course holy, since salvation is holiness. The use of "Hail" instead of "Salvation" keeps the translation from becoming tenditious. "Hail holy Queen" is entirely appropriate.
Incidentally, a proper understanding of the first line of the Salve Regina also exposes the true anti-Christ import of the Nazi phrases "Heil Hitler" and "Sieg Heil".
""Salve Regina" then means essentially "Save us O Queen" or "O Queen you are our Salvation"
Okay, as I said I'm no Latin scholar. However, I did look it up. Here's what I found:
salv.e ADJ 1 1 VOC S M POS
salvus, salva, salvum ADJ [XXXAX]
well, unharmed, sound; alive; safe, saved;
salv.e V 2 1 PRES ACTIVE IMP 2 S
salveo, salvere, -, - V [XXXBX]
be well/in good health; [salve => hello/hail/greetings; farewell/goodbye];
salve ADV POS
salve ADV [XXXCX]
hail!/welcome!; farewell!; [salvere jubere => to greet/bid good day];
So, of all those possibilities, which is correct?
To translate "salve Regina" as "Save us O Queen" or "O Queen you are our Salvation" seems to me incorrect theology.
Our Lady is not our Salvation. Our Lord is our Salvation. Our Lady intervenes for us and obtains Graces for us, but she cannot save us and is not our Salvation.
Therefore, I think that "salve" is used as a greeting here, rather than in the way you suggest.