L7 we fly the jet
L7 basically the Squarian model of the Squarians and the Fly Boy Club in which XV grabbed from the movie The Sandlot. The jet refers to Benny the Jet from the movie.
Also making the square sign with your fingers like so: one a L the other a 7.
To help improve the meaning of these lyrics, visit “Squarian Anthem” by XV (Ft. Sez Batters) Lyrics and leave a comment on the lyrics box