Here's a breakdown:
* Estoy: I am (present tense of the verb "estar")
* Disfrutando: Enjoying (present participle of the verb "disfrutar")
* De: Of
* Este: This
The phrase can be used to express enjoyment of a variety of things, such as:
* A meal: "Estoy disfrutando de este delicioso plato." (I am enjoying this delicious dish.)
* A conversation: "Estoy disfrutando de esta conversación." (I am enjoying this conversation.)
* A book: "Estoy disfrutando de este libro." (I am enjoying this book.)
* A vacation: "Estoy disfrutando de este viaje." (I am enjoying this trip.)
The exact meaning will depend on the context in which it is used.