Here's a breakdown:
* Me: "I"
* estoy: "I am"
* flipando: The gerund form of "flipar," which means to "trip out" or "freak out"
Example:
* "¡Me estoy flipando con este concierto!" (I'm freaking out over this concert!)
It's important to note that "me estoy flipando" is considered informal and should not be used in formal settings.