OF works hard and watches others make fools of themselves trying to get a rep

This refers to the rectangular shaped logo of clothing company Supreme. OF members seem to love collecting (“stacking”) Supreme products

“Grind” has many different connotations here. First of all, to “grind” is to work hard. While Odd Future puts in work, hangers-on hope for some free promotion by associating with them, and generally people want to get popular without putting in the effort. This could be taken as a shot at BranDun Deshay’s whose verse Mike replaces on this song

Also, since this is a weed song, “grind” refers to grinding up weed to put into joints, blunts, bongs, etc.

In skateboarding (which is a large part of the OF universe) terms, “grinding” is sliding your board along an edge of some kind

Deshay and Tyler had a falling out and BranDun is no longer associated with Odd Future. The war between the two seems fairly heated; Tyler comments on it often in his music and on Twitter/Formspring

Since BranDun has a girlfriend, the last lines about leaving with hoes was a lie. Or maybe the lying he’s doing is to his girlfriend, so that she won’t catch on to his philandering ways

When a teenage boy’s door is closed, it’s usually best not to enter, since there is a good chance they are jerking it. To walk in on BranDun busting a nut to one of his own home videos would be extra disturbing

It’s not exactly clear why BranDun and Tyler had a falling out (Deshay is no longer an OF member), but it might have something to do with Deshay’s standoffish attitude towards others

Overweight connects to the high cholesterol mention in the last line. To be “in the mother fucker” means to have a noticeably presence. BranDun does this by making “fat” tracks (blubber = fat). His beats are good, so why reach out to other producers?

Since he’s flying on a beaver…

“Shit” as in “poo” often contains undigested nuts. To be “nutty” is to be crazy, and cashews are relatively big nuts, so Tyler is very crazy