Motherfucka I'm ill, not sick
And I'm ok, but my watch sick
Wayne playing with the the meanings of “ill” and “sick”
In the first line, he says that he’s “ill” (cool) not “sick” (upset stomach). In the second line, he says that he’s not “sick” (upset stomach), but his watch is (i.e. “cool”)
Lil Wayne is quoting Young Jeezy; in the original version of “Go Crazy”, before Jay-Z hopped on the remix:
Like my main man Pulla, talk real slick
Look, I’m OK, but my watch sick