Huesuda literally translates to "the bony one", coming from the root word "hueso" (bone). In Mexican culture, it is a highly popular and colorful nickname for Death or the Grim Reaper.
In the song, the singer reminds us, "Porque la huesuda no tiene respeto" (Because the grim reaper has no respect). He uses this culturally rich word to explain that death eventually comes for everyone equally, which is his perfect excuse to enjoy life to the fullest until his very last day!
This song is a full-on party anthem about living life to the max because, well, you only get one! The singer from Banda Los Recoditos lays out his life philosophy very clearly: he loves parties and staying up late, declaring, "Lunes a Domingo y toda la semana" [Monday to Sunday and the whole week]. He's not worried about death at all. In fact, he thinks it's a waste of time to even think about it since "nadie se escapa de nuestro destino" [nobody escapes our destiny]. His solution is to enjoy every single second.
His big plan for his own funeral is maybe the best part. He doesn't want anyone crying. Instead, his "último deseo" [last wish] is for a massive party. He specifically requests "música de banda" [banda music] and a bottle of Buchanan's whisky at his burial. Why? Just "por si hay otra vida seguir la parranda" [in case there's another life, to continue the party]. It's a fun, straightforward song about celebrating life right up until the very end, and maybe even after.