"Look how cool it is!"
It expresses admiration and excitement about something that is considered stylish, impressive, or interesting.
Breakdown:
* Miralo: "Look at it" (imperative form of the verb "mirar")
* que: "how" or "that"
* chulo: "cool," "stylish," or "impressive"
Example:
Imagine you see a friend wearing a new jacket:
You: "Miralo que chulo! Me encanta tu chaqueta nueva."
(Translation: "Look how cool it is! I love your new jacket.")