It is only Tuesday and El Fantasma is already cracking open a beer. That is the whole joke of the first line, "Apenas es martes, voy a empinar el codo" (it's barely Tuesday, I'm going to raise the elbow). "Empinar el codo" is a classic Mexican idiom for drinking, because that is what your elbow does when you tip a bottle back. His drink of choice is a "Pacifico Light", a Mexican beer brand, and there is "una carne asada" (a barbecue) going on too.
Under the party, though, this is a corrido about staying humble. He says "Hay que ser humildes, pues venimos desde abajo" (you have to be humble, since we come from the bottom) and remembers "los inicios con mi apá" (the early days with my dad, apá being a casual way of saying papá). He drives out to El Salado to visit his grandparents, gives a long list of shout-outs to his "compas" (buddies), and ends with a wink: he never said his name, only his code, and "si quieren saberla, ya la dije en el corrido" (if you want to know it, I already said it in the song). The "receta pa' ganar" (recipe for winning) in the lyrics is also a nod to La Receta, the band he sings this with.