What does 'Como se llama usted' mean?

Translated from Spanish to English, the question

¿Cómo se llama usted? means "What is your name?"

It would literally translate to "What are you called?", since llama has a slight different meaning than nombre. (name) This is the form (usted) you would use when you are formally talking to someone. (someone older than you, an important person, etc.)