Literal:
* Something is happening.
* Something is going on.
Figurative:
* It's happening. (This is a more colloquial way of saying it)
* It's going down. (This is slang, often used to mean something exciting or interesting is happening)
Depending on the context, it can also mean:
* What's going on? (If it's a question)
* I don't know. (If it's a reply to a question)
It's important to note that "Kuch hota hai" is often used in a casual, non-specific way, and the specific meaning can vary depending on the situation.