That means I'mma be the king once the king done
If he don't wanna leave then I might have to guillotine him

from Lupe Fiasco – Put Em Up Lyrics on Rap Genius

Meaning

Lupe is coming for that crown and if the King doesn’t croak soon enough he’s gonna get the job done himself and remove his head to take the crown himself.

Pronounces “guillotine him” as “Gelatin Ham”. This is to give off a second meaning.

Gelatin is derived from pork skins, ham, pork, horses, and cattle bones, or split cattle hides.

Note: he pronounces him as “hum”… Which makes sense because the next line is “I sing some…”

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