Enchulado is a popular slang term in Latin America, especially in the Caribbean, meaning to be completely 'smitten' or 'infatuated'. It describes a much stronger feeling than simply liking someone; it's more like being head over heels.
In the song, Maluma sings "Yo estoy enchulado de la cabeza a los pies" (I'm smitten from head to toe), using this colorful word to show just how intensely captivated he is by this person. It's a fun, expressive word you'll often hear in reggaeton!
Maluma is completely obsessed with a woman he's just seen. He doesn't even know her name, but he's already head over heels, singing, "Yo estoy enchulado de la cabeza a los pies" (I'm smitten from head to toe). He's desperate to get her attention and wonders, "¿Será que si le tiro de pronto responde?" (If I shoot my shot, will she maybe respond?). The whole song is his attempt to convince her to leave with him, building up a party scene with drinks like mezcal, beer, and the titular "coco loco" (a coconut cocktail).
He's not shy at all, using some very direct and playful lines to get his point across. He tells her, "Móntate al trineo, baby, que llegó tu Santa" (Get on the sleigh, baby, your Santa has arrived) and follows it up with the very cheeky, "No es tu cumpleaños, pero sóplame la vela" (It's not your birthday, but blow out my candle). It's all about that instant, powerful attraction and the desire to just let go and have a wild night together, or as he puts it, "nos fuimos a lo loco" (we went crazy).