Sounds played through an electric amplifier turned up too high become distorted as some frequencies are lost during amplification

Playing on “loud” being slang for potent, strong-ass weed

The repetition here calls back to the old “third verse, same as the first” convention of song structure (you can’t really pull off complete repetition of a verse in hip-hop…although Swizz Beats tried)

Mules are related to donkeys, and “donkey” is a (rather silly) slang term for a fat ass on a woman.
For a brief period of time, freed slaves were issued Forty acres of land and a mule to work the land with during and after the Civil War.

“Green top” refers to her hair, so “run my fingers through ‘em” means he’s running his fingers through her hair while she plays with his dick

A muffler is a car part that, depending on the model of car it came from, can look sort of phallic. A good example:

He’s playing with her hair while she gives him a blow job.

Portmanteau of “hustler” and “millionaire.” This style of wordplay is common in Hyphy music just cause if you combine 2 cool words the end result almost always sounds fly.

Thizz (ecstasy) pills come in a wide variety of colors, and most are stamped with a particular image (a bird, a dolphin, a Rolls-Royce logo, etc) so that users will know they come from a reliable source.
Since other drugs being passed off as E is a common occurrence, there are services online that test pills of a particular color with a particular stamp and keep track of which ones contain real MDMA and which are bunk.
Example of some pills of various colors and stamps:

Orange juice is believed in Bay Area lore to improve damn near any trip. Weed, shrooms, thizz-all of these experiences are (supposedly) improved by drinking orange juice before hand.

Marv stays with a pistol (“pepper”), his car has some big-ass rims, and he stays in a pair of stunna shades (large, round-lensed sunglasses famously worn by Kanye West but originally popularized by the Bay Area Hyphy movement)

Standard shit on any rapper’s checklist.

Lil B can shell out $50,000 to have a hitman travel to your hometown and murk yo' ass.
Sounds like he wants your death to be extravagant, too, if grenades are going to be involved…although one wonders why the dude would even need grenades if he’s also equipped with a laser sighted AR (the AR-15 is a semiautomatic assault rife)

B’s hitman will “set up shop”-set up a temporary base of operations-in your city, and as soon as he’s done that…well, you can guess what “erase ya” refers to (big hint: “erase” means kill)

Lil B is known for his unusual fashion choices (he used to rock a lot of skinny jeans and tight shirts when this song was released, although he eventually graduated to unironically rocking a bindi) but don’t think based on the clothes he wears that he won’t kill a motherfucker. It could be the last mistake you ever make.