。
What do you think she said?
Literal
She [topic-は] what [quotative-と] said [quotative-と] do-you-think [question-か]?
Two consecutive と's frame an embedded question inside a thinking verb — first 何と言った ('said what,' with quotative と marking what was said), then と思いますか ('do you think,' with quotative と marking the content of the thought). English fronts the wh-word ('what do you think she said'); Japanese tucks it inside the embedded clause and lets word order do the rest. This kind of stacked と is everyday in narration and gossip.