Jay-Z, who will be gracing us with his own verse very shortly, had at the time of this song’s recording just re-entered the rap game after a much-publicized retirement

Since he self censored himself in the first “shh”, by saying it’s “no shh” (as in “no shit”), it’s not a big deal. He continues by saying, “it’s just shh like quiet”; he doesn’t want a ruckus to come of it… he just wants to get it out there

Lupe here refers to the fallout that ensued after his debut album Food & Liquor was “leaked” shortly before its initial release (piracy is a federal crime, mind you…). As can be evidenced from previous interviews, he’s still a little pissed off about losing revenue because of that leak

And no, Lupe self-censored his own self here…

Also a reference to DJ Cannon, a mixtape DJ/producer known for “leaking” exclusives

Note that this also continues the piracy theme started by the earlier references to Blackbeard and Davy Jones' locker.

Echoing a famous saying from Jesus Christ, Lu’s mother hear tells him not pursue monetary gain and sell his soul to the devil just to gain that success. Oh, and there’s another Wheel of Fortune reference, too, since you don’t have to buy consonants on that show…

Man, does Lupe have a crush on Vanna White or something? Although…it is understandable!

This is also a jab at George W. Bush, AKA Dubya. Because as fellow Chicago rapper Kanye West said, “George Bush doesn’t care about black people”

Lead yourself not into temptation…

Another reference to Wheel of Fortune

Common Sense, a fellow Chicago rapper

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”.