Again with the double entendre technique this verse starts with :

• “ruffle feathers”, as in trouble the comfort of feather weights, light category rappers.

• In the next line, “egos” sounds like “eagles”, which is probably the last bird you want to “ruffle feathers” with. Claiming then that he came to piss off high class, heavy weight level rappers as well.

Just ALL of'em.

IV stands for IntraVenous (therapy).

So basically while he’s watching you starve to death, all you’re getting fed is a narcotic pain reliever (Darvocet), to make the torture last longer by administrating slight doses.

Eminem’s father left him and his mother when he was just a baby as he said later in “Cleanin' Out My Closet”:

I was a baby, maybe I was just a couple of months
My faggot father must have had his panties up in a bunch, ‘cause he split
I wonder if he even kissed me goodbye

His son’s very own existence was obviously just a bother to him; Em' sarcastically expresses feeling the same about all the bullshit his fans make him cope with.

The banging pan beat in combination with his throbbing flow got you bobbing your head to the song, like a walking pigeon.

Pigeons bob their heads while walking in order to maintain a good perspective of their surroundings, as their eyes are on either side of the head.

Ecstasy pills affect one’s spinal fluid (and spinal fluid is final, you won’t get it back). Washing his pill with that fluid depicts the reckless risks he was darkness-sunk in enough to take at the time.

Ladies & gentlemen, extended double-entendre :

• He comes from the roughest rap environment, so when he steps up with his music and you other rappers resent his success, you need to watch and learn. He takes off his watch (as one would do as readying for a boxing fight) and scratches like a DJ before launching his track on your nigga ear, screaming JUGGERNAUT !

• He’s rough by nature so if he climaxes in that girl’s spot, and you unsuccessful rappers are jealous he’s telling you to…watch. Then he takes off his watch (before the act) and scratches (has sex with) her, screaming JUGGERNAUT !

Miscellaneous facts :

• He skips the “a” vowel in “take off” to make it sound like “tic off” as in stopping the watch’s tic tac, stopping time. This image goes with both meanings (hyper-concentration on his music and climaxes, make you feel like time has stopped).

• He utilizes both “watch” meanings.

• When a watch is scratched, you take it off.

• His Slaughterhouse comrade also used a scratch metaphor in a previous verse.

Basically a way of avoiding punishment by deflecting responsibility to his alter-ego, Slim Shady.
The “space aliens” use is most likely representative of the social/media critics, or more powerfully, the law. The metaphor could be explained by how one’s “fears” are commonly represented by the extraordinary within their dreams/nightmares, or in Slim Shady’s case, just his high.

A couple of other lines about the origins of Slim Shady :

And Shady’s just an alias I made to make you pissed off
- Bad Influence, 2003

Still Shady inside, hair every bit as dyed
As it used to be when I first introduced y'all to my skittish side
And blamed it on him when they tried to criticize
Cause we are the same, bitch
- Evil Twin, 2013