Formal:
* Critical
* Time-sensitive
* Of paramount importance
* Requires immediate attention
* Must be addressed with utmost priority
* Expeditious
Informal:
* A rush job
* Top priority
* Needs to be done ASAP
* Can't wait
* Urgent, urgent, urgent!
More specific:
* Life-threatening (if it's a medical emergency)
* Time-critical (for deadlines)
* High-priority (for tasks)
The best way to rephrase "highly urgent" depends on the specific situation. Consider who you're talking to, the topic, and the tone you want to convey.