Fuck Waist Deep, I'm in over my head
But it's cool, I'mma make it, I'm Good like Meagan

from Lil Wayne – I Can't Feel My Face Lyrics on Rap Genius

Wayne isn’t in the rap game just waste deep, he’s in over his head. However, he won’t drown (fail) as a result. It’s also a reference to Meagan Good, an actress, known for her role in the 2006 urban drama film, Waist Deep

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