And I hang with white neos who's nero stays frio
He hangs with white kids (“Neos” may refer to Neo-Nazis or to The Matrix character) who always have money. This makes him feel jealous, alone, etc. In the case of the neo-nazis, it is also a sign of the “self-racism” that Tyler has admitted to before
“Frio” is Spanish for cold, which ties in to some of the other lines in this verse.
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