La huesuda literally means "the bony one" and is a common, informal, and somewhat playful Mexican Spanish slang term for Death or the Grim Reaper.
In the song, the artist sings, "Porque la huesuda no tiene respeto, se lleva de todo, agarra parejo" (Because the bony one has no respect, she takes everyone, she grabs equally). This personification of death adds a unique cultural flavor to the lyrics, making it a memorable and interesting word choice that goes beyond a simple translation of "death".
Calle 24's "MI ULTIMO DESEO" is all about living life to the fullest, enjoying every single moment because, as the song says, "La vida es prestada y hay que disfrutarla" [Life is borrowed and you have to enjoy it]. The singer loves parties and staying up late, from Monday to Sunday, just having a good time. He's not scared of death, because he knows "nadie se escapa de nuestro destino" [nobody escapes our destiny].
So, what's his last wish? He wants his family to throw a huge party at his funeral! No crying, no tears, just "música de banda" [band music], some "loquera" [craziness], and a bottle of Buchanan's. He hopes to "seguir la parranda" [continue the party] in the afterlife. It's a fun, defiant take on mortality, celebrating friendship and good times right up to the very end.