This is a breakup song with a twist: Corina Smith is not crying over her ex, she is thanking him. She opens by telling him he was right when he said she deserved someone better than him: "Ya conocí a alguien y tenías razón" (I already met someone and you were right). Then she gets cheeky. "Es que como tú no hay nadie porque nadie es peor" (There is no one like you because no one is worse) sounds like a compliment for half a second, and that is the joke.
She raises a toast, "Salud, por hacerme un favor" (Cheers, for doing me a favor), and thanks him for giving up so easily. "Tirar la toalla" literally means to throw in the towel, the same boxing idiom as in English. The chorus explains why she is grateful: if she had not gone through all the bad stuff, she would never have ended up at the new guy's place, talking all night on the terraza (terrace). By the second verse she is fully smitten: "Han pasado semana' y ya me tiene a sus pies" (Weeks have gone by and he already has me at his feet).
Watch for the dropped letters, very typical of Caribbean Spanish: ve' is vez (time), vimo' is vimos (we saw each other) and semana' is semanas (weeks). The title itself is text-message shorthand: X stands for por, so "Mi Amor X Ti" reads as "Mi amor por ti" (My love for you), the love she says was going to die the moment she walked out of that house.