And tell that psycho to pass the torch
To the wacko before I take a shit in his Jack-O-Lantern

from Eminem – Almost Famous Lyrics on Rap Genius

Meaning

More free-association spinning out of the word mic (Mike), from which he moves to the two Mike Meyerses (the guy who played Austin Powers, and the “psycho” in the Halloween movies — hence the reference to a Jack-O-Latern)

Add to this another “Mike”: Michael Jackson, who the tabloids called “Wacko Jacko”

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