She vents (releases, expresses) certain verbs. Now verbs mean action words, so basically everything she wants to do validates the song’s expressed meaning.

So he’s probably saying that she confirms and approves his song.

Also note the alliteration with the letter V.

Jay-Z is referring to late actor and fellow Brooklynite Jackie Gleason, who was in the 1961 movie The Hustler, where he played the role of the legendary pool player Minnesota Fats. Funnily enough, both Jay Gatsby and F. Scott Fitzgerald were born in Minnesota.

In the movie, “Fast Eddie” Felson, played by Paul Newman, is the main character who initially loses to Fats and spends rest of film working to again challenge and beat Fats.

So the “move fat packs” is a double entendre. Jay is moving packs (slang for hustling cocaine) and at the same time beating Minnesota Fats in a replay of the movie’s story, whose themes of self-fulfillment relate to both the Great Gatsby and Jay Z.

Many in the South are less than fond of the Reconstruction Era, a decade of Northern military occupation that ended with the notorious Compromise of 1877. From the 1880s until the 1960s, Reconstruction was viewed by leading historians as a mistake, a period of unnecessary sectional tension and freewheeling graft and corruption. Since the 1960s, historians have come to view Reconstruction very differently – as a period of unprecedented racial equality, though tragically one that could only be enforced at the tip of Northern bayonets.
http://www.youtube.com/watch?v=SxA3v_aWoiY

This experience in school of singing a common anthem and confining to rules of behavior is a stark contrast for the turmoil at home that many ghetto kids have to face

Shank is prison slang for getting stabbed by a homemade weapon.

This line is similar to what Rakim said in his “Paid in Full”

So I think of all the devious things I did….
But now I learned to earn cause I’m righteous

In this verse, Cube explains the process of going from a sperm in his father’s balls to coming out as a baby from his Mom’s stomach. Naturally, he didn’t witness this process, but he knows about it because he was told.