He’s at a party for a certain girl but does’t know anyone else there

Spawn is IDing Atmosphere as being part of the Rhymesayers label.

Slug is mocking artists that sell out to networks and major labels saying that they will take advantage of your devotion and just use you for there own gain.

Slug is saying “stop talking and listen”, he’s about to show you (the underdeveloped rapper) how to truly rip it on the mic.

As label rep. (along with being an artist) for Rhymesayers he can’t allow any bad or “bullshit” lyrics in his songs or else it would make him and his label look bad.

Slug was not raised very well by his uncle, who taught him to drink rather than count, or just disregarded school/studying in general.