A reference to Flight of the Conchords. I actually had no idea what Flight of the Conchords was until I started annotating this song, but now I know that they are a comedy duo from Australia.
The second part says that hip-hop died, vulture’s picked the bones, and now they’re sick with the remnants of hip-hop. Hip-hop is multiplying and raging in the veins of these vultures. Soon everything will be infected. Or, in other words, everything is going viral.