And I live on an island, Atlantic in my backyard

from Lil Wayne – Swag Surf Lyrics on Rap Genius

Meaning

A pun demonstrating Weezy’s dominance of the music industry. He is the master of his domain, which included an “island” (i.e. Island Records) and the “Atlantic” (i.e. Atlantic Records)

And he lives on South Beach,which is an island in the Atlantic.

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