You know my drive is retarded like I'm riding doughnuts
Drive = motivation/passion
a) Retarded = intense, vigorous, poweful (see: mad)
b) Retarded = mentally challenged/dumb or idiotic
Wale is saying that the amount of passion (drive) he has is rediculous like driving your car with spare tires on.
Donuts also could refer to making tight circles while driving fast.
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