Another dance. The Hustle was any of a number of dances popular in the disco era. Pete also flips it to invoke the slang definition of “hustle” meaning sell.
http://www.youtube.com/watch?v=u-FhczpCZ84

A reference to a quote from the Joker in the 1989 film Batman. A do-si-do is a basic dance step.
http://www.youtube.com/watch?v=8gfMXEmCew4

Pete is a big baseball fan and is often seen in a New York Mets hat. The metaphor here refers to being on one’s last leg. “Last licks” combined with “nothing but wounds” also invokes an idiom.

Reference to the Patriot Act. The U.S. Government exploited the paranoia of post-9/11 America to authorize wiretaps on the general public under the guise of preserving freedom.
“Let freedom ring” is a double entendre referring to the ring of a telephone and to the classic American patriotic song “My Country, ‘Tis of Thee.”

Louis Vuitton is a French fashion house best known for designing handbags.
The cat is out of the bag.

Altered Beast is a video game released in arcades and for Sega consoles in the late 80s.

This is a reference to the creation of Eve from Adam’s rib.

Men are generally less in touch with their feelings than women and, when in a relationship, can emote vicariously through their significant other. Without a woman in his life, a man might struggle to express on confront his own emotions.

Illogic’s verse sums up the moral of the two preceding stories. He says that it is important to be able to let go of loved ones when necessary. Despite fears of being alone, many relationships and former relationships are more harmful than beneficial to try to revive.

A “j” in basketball is a jump shot.

He played basketball well into the night even just to work on his technique.

Blueprint’s verse is about a kid who fails to accept his parents' divorce and his dad’s complete absence from his life. As a result, he struggles in school and gets in fights. His only saving grace is his basketball ability which nets him scholarship offers. However, he blows the opportunity by getting in one fight too many.