Must (have to)/musk (Body Odor aka musty) wordplay.

Audemar is an expensive brand of watches. Carbon is a metal* compound that is black. Therefore, black watch:

But even though he can afford such things, he still stays true to his roots.

*carbon is actually a nonmetal

The majority of Odd Future’s members are younger than 20

A reference to the Chappelle Show skit “Charlie Murphy’s True Hollywood Stories”. In which Rick James' character, played by Dave Chappelle, would repeat the now-famous catchphrase “I’m Rick James, Bitch!”

The skits were punctuated by James, as himself, explaining his past behavior with the phrase “Cocaine is a hell of a drug!”

http://www.youtube.com/watch?v=wDoIM1dRzGo

Chad Hugo, alongside Pharrell Williams (one of Tyler’s idols), makes up the Neptunes, the production duo who produced this song. .

This is what his eyes look like:

Tyler doesn’t think of himself as a great rapper, and is not above self-deprecation.

However, Yonkers was full of contradictions and he uses the first line of Yonkers to begin this verse. Therefore, maybe he doesn’t think he’s a shitty rapper, but rather a good one.

Also might be a comeback to when Diabolic wrote a diss about his socks.

A pair of pacs = 2pac.

Cf. Biggie’s immortal line:

If Fay' had twins, she’d probably have 2 Pacs
Get it? .. Tu-pac’s

Bristol is Sarah Palin’s daughter who got knocked up.
Tripp is Bristol’s son’s name.

Tyler seems to be taking a liking to taking shots at pop culture icons

Also a possible reference to Dick Cheney’s infamous hunting accident in which he tripped and accidentally shot Texas attorney Harry Whittington

Mac-10:

Tyler the Creator hails from L.A.

Tyler the Creator mentions 2Pac in his next line, this is another reference to 2pac, since 2pac would say “West-Side” on many of his records.

This could also be a sarcastic line, mocking other rappers who always talk about where they are from, he mentioned a few times before that he thinks it’s stupid to think where you were born or live has anything to do with your music, like how he’s from same state as popular Jerkers but completely different music.

Finally, this line is very similar to this line on Eminem’s “Just Don’t Give A Fuck”:

So when you see me on your block with two Glocks
Screaming “Fuck the World!” like 2Pac
I just don’t give a fuck!
This also ties in well with the 2Pac reference in the next line.