Spanish (Spain) phrase literally translates to "I pass on everything." A form of a well-mannered "No thanks" or "I'll pass." Used in NiNi club culture where ninis (ni estudia ni trabaja 'no study no work') will pass on everything, because they just want to party, all of the time.
There's no need for drama, mama. I don't want to study, I just wanna party. Yo paso de todo."
"Stop clubbing until 6:00 am! Get a job!"
"No ma, I'm a nini. Yo paso de todo!"