Quemao' is the colloquial way of saying quemado, which means "burnt". This is a common shortcut in Caribbean Spanish where the 'd' sound between two vowels is often dropped.
In the song, Pitbull describes himself as "Coco quemao'", or "burnt coconut". This is a playful slang expression that could mean he's a bit crazy or just very tan from his Miami lifestyle. It's a perfect example of the colorful, creative slang you'll find in reggaeton music.
This song is a super fun, flirty conversation between Pitbull and the women of Fifth Harmony. Pitbull is trying his best to charm a woman he's just met, and he's not shy about it at all. He immediately starts asking questions like, "¿De dónde eres, cuál es tu nombre?" [Where are you from, what's your name?] and then gets straight to the point, asking for a kiss "en la punta" [on the tip]. It's a classic, playful Pitbull line that's a little bit cheeky.
Fifth Harmony's response is the perfect comeback. They play it cool, telling him, "Please, vas a tener que esperar" [Please, you're going to have to wait]. But they also let him know the secret to getting what he wants. The whole song is a game where they hold all the power, and he has to earn their affection by using the magic word: "Lo que quieras si me dices por favor" [Whatever you want if you tell me please]. It's a dance of push and pull, with him trying every funny and bold line he can think of, and them reminding him that good manners are everything.