Parchar is a very popular slang verb in Colombia that means 'to hang out' or 'to chill'. It comes from the word parche, which literally means 'patch' but in slang refers to a group of friends getting together.
In the song, Maluma nostalgically says, "Quiero parchar contigo en el Lleras" (I want to hang out with you in Lleras), referencing a famous park in his hometown of Medellín. Learning this word is a great way to sound like a local and understand the vibrant, modern slang of Colombia.
This song is a straight-up plea to an ex to get back together. Maluma and Feid aren't being subtle here; they're missing the good old days and they want them back. The singer wakes up alone, calling his ex "el sueño del cual no quiero despertar" [the dream I don't want to wake up from]. He knows things are difficult, but he's pushing to solve their problems because he's convinced she still loves him, even if she won't admit it.
The memories they share are super specific and steamy. The chorus repeats the line "Mojando asientos" [Wetting seats], remembering nights of "travesuras" [mischief] in his car. They weren't just making out; they were sharing drinks and smokes, with him saying, "Yo te pasaba el Phillie / Y me daba' güaro" [I'd pass you the Phillie / And you'd give me güaro]. He even wonders if she thinks of him when she's with someone new: "¿Pensará' en mí estando con él?" [Will you think of me when you're with him?]. It's a nostalgic track about wanting to relive the passion and fun of a past relationship.