The theme of the song is that even when you know you probably shouldn’t be doing something, you can’t help yourself. “That” refers to the drug game, Frank Lucas' rise and fall as a drug kingpin. But it also refers to anything we do in life, that we know will end badly.

There’s a blatant parallel with Frank wearing his Chinchilla coat, but it can also be applied to Jay’s life, specifically the incident with Lance Rivera.

From Decoded:

Even after I left the streets, I was still under the kind of pressure that made me sometimes act without thinking. But when you slip and give in to that pressure, in an instant you can throw your whole life away. I had to learn to keep my mind still so I could think clearly and sometimes hold back.

Tyler became so upset with Raquel that he created a fictional girl, Sarah, to express his anger and frustration. All she did to provoke these emotions was reject him when he asked her to go to a dance with him

Tyler presents a starkly different account of how girls he used to know treat him now.

Peter Pan was the leader of a troupe of kids, much like Tyler is with Odd Future. Peter also had a fairy sidekick, Tinkerbell, with whom there was some romantic connection, though they never actually had sex.

Since “fairy” is a derogatory term for a homosexual man, this line could use a “no homo,” though Tyler is more likely to be taking a shot at gays, or just claiming to have been with lots of girls.

Black later recycles large chunks of his verse here for his group The Roots' song “Doin' It Again” from their 2010 album How I Got Over

Whether or not you like Tyler’s music and antics, you have to admit that he does cause a stir

This is another play on a common expression. People often say “you never cease to amaze me”, when they find someone they know doing something peculiar. The phrase usually comes with negative connotations – it’s basically a nice way of saying “you are a fucking weirdo”

Consignment, as it pertains to drug dealing, works like this:

• A supplier lends you drugs to sell
• You sell the drugs and pay the supplier back out of the money you collected from the sales

So Jay-Z here has met a non-English speaking drug supplier, convinced him that he’s not a police officer, and earned his trust by paying in cash from drugs and selling them promptly. Consignment will allow Jay to build his drug empire more quickly because he doesn’t have to wait until he sells enough product to buy more. He will achieve “credit”, so to speak, as he did on “Never Change”:

Lost 92 bricks had to fall back
Knocked a nigga off his feet, but I crawled back
Had A-1 credit, got more crack
From the first to the fifth, gave it all back
If, I’m not a hustler what you call that?
This is before rap, this is all fact