Does anybody know what the guy is saying on the chorus of "watch out"??

Here's a web site that has their songs, and if you click any song, you'll
Go to the lyrics. I don't see one with the name "Watch Out."

De La Soul Lyrics

His part is in Spanish and anytime you see the lyrics for the song it says Male Speaking In Spanish

It never seems to actually have the Spanish words. The best thing you can do is get a recording of the song and find someone to translate it for you.

Since you found it, I listened to it here: YouTube - De La Soul-Watch Out [2003]*

I could only make out some of it, what with the bells, other talking in the background,
And it being Rap.

... aprender la vida (to learn life)

Si yo tengo mas que tu vida (If I have more than your life)

Para ganar una Montana ? Que yo deseo (to win a mountain of what I desire)

I couldn't listen to any more. I was getting an overwhelming desire to
Tear my hair out by the root, and throw the computer monitor out the window:D