Simply, it means "You are beautiful" and in deeper ways, it is used as a way to compliment on the beauty/attractiveness of someone regardless of their gender or physical appearances.
biltemakörv is a hotdog that you can only buy at the store biltema in sweden. the hotdog is just like any other hotdog, but its cheaper and costs only 5 swedish crowns. Approximately 5 cents.
Sven: Man, that biltemakörv was so utsökt!
Åke: And very billigt!