Moving wet off the step, purple rain in a drought
“Wet” is both slang for PCP and, as used here, cocaine that has recently been cooked into crack, and thus is still literally wet from the water used in the process — thus Jay conflates selling crack out of his stash spot with clearing water off of a step.
Even when no one else has drugs (“a drought”), he can still rely on the dealing of potent marijuana (“purple”). In addition to the precipitation puns, purple rain has other connotations
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