OK, champ, I'm not going to ******** you: chances are not good.
I'm going to assume she is actually beautiful, and that you are like me, i.e. average with low confidence. I am also going to take another leap and assume that because she is beautiful she belongs to a different social strata. Finally, I am going to guess that you haven't really gotten to know her on a personal basis, and that therefore your attraction is mainly physical.
This doesn't make for a good scenario. Yes, because she is beautiful she will probably have a love interest. Also, since your affection for her seems to be looks-based, she is unlikely to reciprocate - would you stand out in a crowd as she does? Your friends are the worst people for this scenario - they are likely to go, "go get her, man," regardless of the consequences.
I'm also going to play the odds here and guess that you haven't been in a significant relationship yet (apologies if this is untrue). People (like me) who haven't been in relationships suffer from idealised standards of attraction and thus are prone to liking someone out of their league.
I'm not saying don't chase her. You can chat to her, then after a few times (not more, otherwise you start to slip into friendship zone) casually ask her out. It's not a big deal that way, and either way she'll be as awkward as you. But attraction is based on confidence, shared interest and your bodies - on that basis, out of a hundred guys like you and I asking out a girl like her the majority are doomed to failure.
IMO it's much nicer to fall for a girl after talking to her and getting to know her well. Love from afar is usually doomed to failure unless you're the sort who tends to get loved from afar too. Michael Caine fell in love with and married a girl he saw on the TV: Michael Caine was used to women falling for him the same way. With us, I'm afraid, the odds would be astronomical.