Reference to the Company Flow song “Population Control” in which EL-P says:

El-P phase through these walls like Vision
Choked in the shallow water, a bad executive decision

He also compares El-P to Fox, as James Murdoch (son of Fox CEO Rupert Murdoch) also had provided capital for setting up Rawkus, Company Flow’s record label. It is the first of several times in this song that Sole calls Company Flow’s indie status into question. El-P, at least in the eyes of Sole, represents an “elitist empire” of New York emcees and rap aficionados, and is a conspirator and propagandist within his chosen medium much like Rupert Murdoch in context of political media. Much of this is made apparent in the following interview:

One of the main reasons Sole had released this diss track was that he believed EL-P was talking to the management of record distributors, particularly Fat Beats, and convincing them not to sell Sole’s records. That is what this line refers to.

A reference to an Indelible MC’s song in which EL-P asks, “is it live you fucking suckers?” The reason Sole took offence to this is not clear. The most likely reason is that Sole is a member of the collective “Live Poets.”

“End to End Burners” was a Company Flow song in which EL-P stated the following lines that Sole would take as a direct attack against him:

“Diss me on the internet like picket line crossin' teamsters
Scabs that’s really down with Hip Hop only if it’s convenient,
kill ‘em.”

Sole is stating that he “really liked” the song, but the tone and wording of the sentence suggests mockery.

http://www.youtube.com/watch?v=09AYVC470MA

When being under attack from various foes, Ice Cube would rather have one of these:

than one of these:

If a dog can’t shoot thirty 7.62×39mm bullets out of his mouth in seven seconds or less, then a dog may not be his first option.

“Canine” sounds like K-9 (as in the K-9 police unit), which is a nice symmetry with “A.K.”

A “jimmy hat” is better known as a condom, and is used as protection from unwanted pregnancies and sexually transmitted diseases. So just like Ice Cube uses condoms for safe sex, he uses nine millimeter handguns for protection against physical violence.

http://www.youtube.com/watch?v=ezjAciNzIWc

“Lassie” refers to the Rough Collie dog character from the short story, to the novel based on the short story, to the nineteen forty-three film based on the novel, all of which were titled “Lassie Come Home.” Along with this, Lassie, as well as the same dog who played Lassie in the nineteen forty-three movie, appeared in six other MGM films and a television series titled “Lassie”, which was based around the dog’s character from the movies.

So just in-case there’s somebody reading this who doesn’t know who or what Lassie is, you’re welcome.

Smith and Wesson is one of the most relied upon and noteworthy brand of guns in North America, having been credited with producing many different weapons, particularily “the biggest handgun you can buy”, (according to the popular television show “Manswers”) the Magnum 500.