Acicalando is the present participle of acicalarse, which means "to get dolled up" or "to groom oneself". It’s a more stylish and descriptive alternative to the common verb arreglarse (to get ready).
In the song, the singer proclaims, "Ya me estoy acicalando" (I'm already getting dolled up). He's moving on from a past relationship and is dressing up nicely to go out, perfectly capturing the song's confident, "dressing to impress" vibe.
This song is all about breaking free after a relationship ends. It's not a sad breakup song, though. It's about a woman whose "situación sentimental cambió" [relationship status changed] and decides she's had enough. With the help of her friends and a few drinks, she hits the streets, ready to move on and find something new.
The chorus is her new motto: "Liberal, se va pa' la calle y no vuelve" [Liberal, she goes out and doesn't come back]. She's done with love for now, saying "'Fuck love', maldita sea la hora" ['Fuck love', damn the hour] and is embracing a life of going out all night. But it's not just her side of the story. Ozuna jumps in with the ex's perspective, claiming he's also moved on and has her blocked. The best line might be when he says, "No somos cloro pa' andar aclarándono' toda" [We're not bleach, to be clarifying everything for each other], suggesting their relationship was always casual and undefined. It's a fun track about two people deciding to be free and single at the same time.