Smokin' on that strong, that Arnold Schwarzenegger
Weezy is referencing the famous picture of Arnold smoking a joint, which caught him some flack years later during his career as governor of California. The pronunciation “Errlnold” is simply saying his name with an Austrian accent (where Arnold was born)
Also Arnold Schwarzenegger was a professional body builder, so this is a simile comparing Arnold to Lil Wayne’s high quality MJ.
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