The only way out the ghetto, you know the stereotype
Shooting hoops or live on the stereo like top 40
The perception (stereotype) of the hood/ghetto is that only rappers and basketball players get out and make better lives for themselves. He is also referring that in this whole song he’s either been describing the success of a man who got out of Compton through basketball or through rapping. The irony.
Also, “stereo-type” is a nod to the music of the “top 40” he talks about in the next line.
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