Chicken head is a reference to the back and forth motion somebody make when they suck dick. She’s also slutty according to Dre, since she’s got a dick in her mouth.
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Asphyxiation is to deprive something of oxygen — he’s always spitting so he ‘chokes the mic’. Erotic Asphyxation is to deprive oneself of oxygen for a sexual high. This sets up the next line where Em says he feels like he’s crazy.
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The “Jimmy” Being described in this song is Jimmy Iovine, the CEO of Interscope, the whole idea of the song is that Jimmy Iovine could insult Em and Fif but it doesn’t matter because they’re already so big that people will still love them.
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