Baking soda and water are two necessary ingredients to convert cocaine in to crack. Crack can be smoked, where as cocaine can’t, hence the “on flame” phrase usage.

He’s comparing his lyrics to said crack, and he’s saying that if you’re enjoying the lyrics, he’s comparable to a crack dealer.

He would rather have sex with the Disney characters than the girls of “Hugh Heff.”

“Hugh Heff” refers to Hugh Hefner, the founder of Playboy Enterprises. Playboy is a publication company specializing in photography of scantily clad or nude women.

Cole is working on perfecting his rap skills on a regular basis… Which is why he’s ahead of other rappers. He is also using a play-on-words using the phrase “benchpressin' the bar” as a continued weightlifting metaphor for getting stronger and better with his lyrical “bar(s)” every line and every rap

He is saying he is big shit, and just like a big shit, you’ll need a plunger to take him under (in the literal sense) however, Cole is of course speaking lyrically, meaning that it would take a lot to get rid of him.

Cole compares death to a woman out to get him. There is somewhat of a juxtaposition here, as the next line compares life to a bitch.

“Small fish in a big bond” is an expression used to describe a scenario in which one feels/appears small when compared to the rest of the involved parties.

Here, J Cole is using this idiom as a metaphor for being, at the time, a little-known artist within the gigantic music industry.

Referring to Nike’s Penny Hardaway shoes.

His girl is getting violent and it becomes a domestic dispute. Then she calls the police on him, and he escapes by having his friend come pick him up.

The relationship isn’t the best they’ve ever seen, but they know that they enjoy it enough so that it’s worth it to keep working through their problems.