According to the video, she has a pretty nice shoe game, as she was rocking these:

Bamboo earrings are those big hoop earrings that sometimes have a girl’s name in them

The hook (and possibly the entire song) takes inspiration from T.I.’s Rubberband Man from his Trap Muzik album in 2003

Short for 30 kilograms (of drugs), most likely cocaine. Around the time that Ronald Reagan was in office was the time when there was an explosion of cocaine that flooded inner city streets.

He’s saying he makes dope music.

The only way my dash ever looks

Also could refer to being high on ecstasy

Often, brilliant artists are not fully appreciated until after their death (i.e. Van Gough, Edgar Allan Poe, Pac, etc.)
– “You never really know what you got until its gone.”

Laws is going to make so many hits (records) that you will want to hit (punch) him for it

Luther Vandross was an AMAZING soul/R&B singer who died of heart attack in 2005. RIP

Line from the Wizard of Oz that has since become an idiomatic expression for no longer being in the comfort and familiarity of one’s usual surroundings.
http://i290.photobucket.com/albums/ll244/Susy_Q2/Silly/cinema-not-in-kansas.jpg?t=1256158936