"I love you too, my queen, and I want to spend my life with you."
It's a very romantic and passionate declaration of love.
Breakdown:
* Yo también te quiero: "I love you too"
* mi reina: "my queen" (a very affectionate term)
* y yo a pasar vida con usted: "and I want to spend my life with you"
This phrase is typically used in a very romantic context, and it implies a strong desire to be with the other person for the rest of their lives.