Actually the expression means "I like myself". If it were "me gustó", with an accent on the o, it would mean "It liked it" (past tense).
Gringo: Me gusto!
Spaniard: Do you mean you like yourself or you liked whatever you did?
de dmurgo 11 novembre 2010
A Spanish Word,Details are following:

1.- You can't say me gusto, well, you actually can, but it would mean "I like myself".

2.- Me gustà (with the orthograpic accent at the end) it's past tense, it means "I liked it" it can also mean "I liked him/her", it depends on the context.

3.- Me gusta is present tense "I like it" or "I like him/her".

Not everything in spanish that ends with O is masculine and A femenine.

GustÃ, gusto and gusta are part of the same verb: Gustar (infinitive), In spanish, verbs do not change acording to male or female.

Hope this is not too extensive and it actually helps you out

Source(s):
Native spanish speaker

Me Gusto
Me Gusta
Me GustÃ
Me Gusto Queso is very wrong. But Still, Me Gusto, cause I'm so pretty.

Me GustÃ.....but now she's gone.

The Queso....Me Gusta!
de Translator2 14 novembre 2010
a phrase which means "i like that". Gusto came from the Filipino word "gusto" which means "like".
Me gusto marijuana
de pr0nztra 22 novembre 2010
A Spanish phrase that literally translates into "I please myself." Gringos mistakenly think it means "I like that".
Gringo: Me gusto!
Spaniard: Estas un gringo.
de Raul Benedick 14 janvier 2008

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