In Decoded, Jay-Z’s book breaking down his rap lyrics, Jay singled out this couplet as one of his favorite lines from his work

Jay reminisces about an earlier, more innocent age when he and his friend were first learning to use condoms, and then connects it back to his current predicament. Since his friend never actually got the lesson and never used condoms, he impregnated a woman. Now Jay-Z is kidnapping that woman to gather information on his old friend’s whereabouts. This plays on the theme of the impossibility of innocence in the ghetto – having a kid, rather than being a joy, is a vulnerability.

Jay-Z in Decoded explains this line saying,

“Here’s where the song takes a sudden turn from a general analysis and reminiscences to a clear narrative. I tried to convey a lot of information in one line: that we were friends so close that we learned basic sex ed at the same time; that he ‘never learned’, which sets him up as someone sloppier, less calculating and cunning than me; that he had a child as a result, and "a baby’s mother”; and that I kidnapped her, which shows how profoundly “blackhearted” I had become, violently exploiting any opening – even the innocent mother of his child. The line goes from the innocence of two dumb kids learning to use condoms together, bypasses any happiness or joy about the birth of a child, and ends in a truly dark place. It’s the poison of “D'Evils” sketched out in a few words."

Jay-Z didn’t worry about rapping and never prayed (or in other words never did anything that might give him hope). He just idolized John Gotti, the infamous mafia kingpin and valued hustling and drug dealing above all else.

Lupe Fiasco discussed his upset over this line (and the accompanying moral values) on “Hurt Me Soul”

Jay-Z in Decoded explains this line saying,

This reflects that way I actually thought: I ignored my god-given ability, never believing that someone from where I came from could make it out. The whole idea of “D'Evils” is that the narrator is no longer just expressing his ambition to live a full life- he’s been poisoned somehow, possessed with a desire for money, alienated from all that’s good, and focused on the underworld, here represented by Mafia references.

If you “trip”, I’ll make chips out of your “potato” head, i.e. shoot you in your Mr. Potatohead-looking face with my 40-caliber gun), and then I’ll “dip” (take off; also a popular accompagnement to potato chips)

Mr. Potatohead:

I get “key money” (the amount of money one would normally make selling a kilogram of coke) “from a quarter” (from selling a quarter of a kilogram of coke)

How? Blame it on my wrist. i.e., it’s because I cut the cocaine so well (a wrist-heavy activity)

On “Make It Work For You” by Juelz Santana, both he and Young Jeezy discuss their wrist skills (Wayne is also featured on this track):

[Jeezy]
Fuck a magic stick Jeezy got a magic wrist
David Copperfield on the stove all types of shit

[Juelz]
I can show you how to mix that shit
How to whip that shit, how to twist that wrist

A reference to the hook to Notorious B.I.G.’s classic “Get Money”, this hook has a clever double meaning: he could be saying what he does is “get money” and also “fuck bitches”

But he also means that he likes to “get money,” and so “fuck bitches” – i.e. “To hell with em! I’m going to focus on money…”

Given the line from the next verse – “Money over bitches I’m yelling it to the grave” – I’m going with the second interpretation

The most straightforward interpretation is that Wayne is saying he “whips coke,” meaning turns it into crack, just like a pimp literally “whips hoes”, and therefore he is a pimp

An alternate explanation: Wayne is able to get a kilogram’s worth of money from a quarter kilogram of coke because his wrist technique is so flawless. In other words he whips coke like women do, since women are generally considered better in the kitchen

“I’m a pimp” plays with the listener’s expectations – he’s not talking about hitting women, in fact he is complimenting them

Def means cool. Adding So So makes So So Def, which is Jermaine Dupri’s record label