Enchulao' is a colloquial and very expressive term, particularly common in Caribbean Spanish, meaning to be completely smitten or head over heels in love with someone. It's a more intense and informal way of saying "enamorado."
In the song, the artist's friends tell him, "Que estoy enchulao' mis amigos dicen" (My friends say I'm smitten), perfectly capturing that feeling of being so captivated by someone that everyone around you notices. It's a fun and relatable word that adds a lot of character to the lyrics.
Sech opens by admitting the crush is almost an insult: "Me gustas tanto que hasta me da rabia" (I like you so much it actually makes me angry), and his friends have already worked it out — "Que estoy enchulao' mis amigos dicen" (That I'm hooked, my friends say). The rest of the song is him talking himself into something he has clearly already decided on, and the chorus keeps returning to the same image: "Tus labios tan peligrando, sí" (Your lips, so dangerous, yes) — the danger being entirely on his side.
The verses run on wordplay more than romance. "No estoy en clase pero me diste la nota" (I'm not in class but you gave me the grade) leans on nota, which is both a school mark and a high; "No soy de Argentina pero hincha de su boca" (I'm not Argentinian but I'm a fan of your mouth) turns Boca, the Buenos Aires football club, into her mouth. Beéle's half flirts more plainly — "Contigo es como cantar en el baño, todo suena bien" (With you it's like singing in the shower, everything sounds good) — and the most honest line is the one both of them repeat: "No sé cómo voy a hacer pero lo vamos a hacer" (I don't know how I'm going to manage it, but we're going to do it). The hook answers for them, in English, with a shrug: "Why not?"