This refers to the practice of dipping blunts into liquid PCP, embalming fluid, or codeine. Doing so will really mess someone up.

This could possibly also be a reference to RZA’s verse in Nutmeg by Ghostface Killah:

Hit his stash, dip back, to the Lab, make him flip

To “bust” on someone would be to shoot at them with a firearm. “Busting” is also part of the term “busting a nut”, which means to ejaculate. Soul will bust a nut all over a hoe, without needing a clip – which would be found in a gun.

A clever play on words involving calling something (predicting something) and mis-dialing as if he were using a real phone. In other words, he can’t predict it because he may make the wrong prediction.

The rap game chewed him up and spitted him out, but he’s back now. Remember the lines of “Lose Yourself”: “I’ve been chewed up and spit out and booed off stage”

Eminem also pronounces “him” like “Em” which is a shorter way to say Eminem’s name. This refers to the line above where Em says that he “used to be called M&M but he threw away the candy and ate the rapper”. He ate and chewed the M&M persona up and spit the Eminem persona out, which is who he is now.

Peter Pan is a fictional character who stayed a boy and never grew up. His arch-nemesis was Captain Hook

XV doesn’t want to grow up and face the troubles of the world, and Captain Hook could be a metaphor for the childish things that he still does.

This theme was later interpolated by Kendrick Lamar on his September 2010 single, “Michael Jordan,” where Kendrick gives Lil Wayne props for the idea:

I’m two much for these niggas, I’m three much for these hoes
Wayne told me that and that’s just how it goes