Bizcochos literally translates to "cookies" or "cakes." While it might seem like a simple word, in the context of this song and regional slang, it often takes on a more interesting, colloquial meaning.
In some Mexican Spanish slang, "bizcocho" can refer to attractive women, or more generally, to something desirable or enjoyable. The phrase "andar tomando bizcochos" could imply enjoying the company of attractive people or simply indulging in good times, making it a more enticing and less literal choice than just
Get ready to party with Grupo Recluta's "El Chambombo"! This song is all about living life to the fullest, with a bit of a rebellious spirit and a lot of good times. The singer talks about enjoying himself, even if it means "andar tomando bizcochos todos" [going around eating all the cookies] and "brindando ando con un misquito de su razón" [toasting with a little bit of their reason].
He's not afraid to be himself, saying "lo que vale es lo que sale de mi boca por eso soy lo que soy" [what matters is what comes out of my mouth, that's why I am who I am]. He mentions enjoying the finer things, like "las modelos bien heladas" [the very cold models] and good drinks. Even though he admits "las fiestas un poco me destrozó pero tampoco soy santo" [the parties destroyed me a little, but I'm not a saint either], he always keeps a "perfil bajo" [low profile]. It's a fun look at someone who knows how to have a good time while staying true to himself.