Jay-Z’s pronounced interpretation of the words “artist” and “this”. He’s satirically trying to sound “proper” and “artistic” by affecting his words here with a pompous sound. He also pronounces “these all” like easel to continue with the art theme.

The precise phrase is that of Edward Bulwer-Lytton’s 1839 play Richelieu, and has since been quoted on countless occasions in support of communication and and literature instead of pointless wars and violence. In the following track on the album Lupe says “The ink of a scholar is worth a thousand times more than the blood of a martyr”, which has a similar meaning to this.

Jay-Z, who has the third verse on this song, had —at the time of this song’s recording— just re-entered the rap game after a much-publicized retirement.

Lupe refers to the fallout that ensued after his debut album Food & Liquor was “leaked” shortly before its initial release —this crime is known as internet piracy.

This continues the piracy theme started by the earlier references to Blackbeard and Davy Jones' locker.

Do or Die is the name of a famous Chicago rap group who experienced mainstream success in the mid-1990s for their Twista-assisted single “Po Pimp”

Furthermore, “do or die” is a phrase implying “all or nothing” desperation, as these poverty-stricken Chicagoeans are fed up with their current status in society

Dealers in the ‘hood were selling ounces, “O’s”, of cocaine in an attempt to boost their own debased self-esteem.

On the television game show Wheel of Fortune, you have to pay extra money to buy a vowel (like “O”).

Note also that the “wheel of fortune” which gives the game show its name is a mythological symbol for the chaotic nature of the universe, and the possibility of changing one’s station in life – making it an appropriate reference in a context where Lupe talks about the struggles of coming up out of the hood.

Even Pat can’t say jack to that

Continuing with the “pants” motif, “knickerbockers” are a now-archaic style of baggy trousers.

In addition, “Knickerbocker” has been used as a nickname for New Yorkers since Washington Irving’s 1809 History of New York was published under the fictional alias Dietrich Knickerbocker.

Basically, Lupe is warning the listener to not become engrossed by the lure of either the drug game or the mainstream music industry. And shouting out a famous New Yorker who is difficult to “Roc”.

“Stones” in this case refer to “rocks” of crack (which, if you’re caught with them in your pocket, will only “sink” you into further trouble, all the way down to the grave of sunken ships).

This line also encodes a reference to the Almighty Black P. Stone Nation, a Chicago gang associated with “Pocket Town,” a South Side neighborhood located between Oak Woods Cemetery and the Metra tracks.

And, yes, Lupe is still continuing the “Sly and the Family Stone” reference.

Moreover, Davy Jones was a musician known for being part of the band, The Monkees.

Continuing the references to influential artists, Lupe brings up Sly and the Family Stone, warning people to not try to fit into the greats' shoes, but to create their own image and success; if they don’t, then they’ll drown

The “sly” does two things here: it creates the “Sly and the Family Stone” reference, and it (slyly) gestures back at the “boxer” line, making you think of Sly Stallone in Rocky.