Spanish slang. "
Puta" means roughly "fuck" or "bitch," and "
madre" means "mother." The two words toghether become a common expletive meaning "holy shit" or "mother fucker."
In the north of Spain, if the article "la" (meaning "the") is added to the beginning of the phrase ("
la puta madre"), it becomes a high compliment meaning that something is the coolest of its kind (similar to calling it the bomb, or the shit.)