I'ma wax that

from Lil Wayne – Fireman Lyrics on Rap Genius

Meaning

He’s going to fuck her. To “wax” is to work something hard (think Karate Kid). Obviously a pun on the candle thing, possibly also a pubic hair depilation pun (remember that scene in Phenomenon where Kyra Sedgewick shaves John Travolta, gosh that was romantic)

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