Here's a breakdown:
* Utha: Get up
* Le: (a particle used to express emphasis)
* Re: (a particle used to express urgency or pleading)
* Baba: Father
The phrase is often used by children to wake up their fathers, especially in a playful or affectionate way.
It can also be used in other contexts to urge someone to get up or take action, but the meaning is always related to waking up or starting something.