The “read it over”/“ovaries” wordplay is an example of epanodos, a wordplay device Writer is very fond of

Writer thinks that the skinny jeans trend makes rappers look gay – thus his comparison to the Village People of “YMCA” fame. The group’s members dressed as a collection of gay stereotypes

Or, failing that, writer compares the hipsters to a gay man walking around New York City’s Greenwich Village, a mecca of gay culture and nightlife for decades

Writer puns on his propensity to shoot a lot with his Tommy gun with this double reference to comedian Chris Farley. Farley died of a drug overdose in 1997 – hence the “O.D.” pun – and one of his best-known movies was the 1995 hit Tommy Boy

This run of “twelve”-related puns is similar to the third verse of Writer’s mentor Cam'ron’s ode to Midwest drug dealing, “Get It In Ohio”

I’d rather be judged by 12 than carried by 6
My 12 and 12 – well, they carry my bricks
And them 12-12 fiends, they’re married to sniff
And the V12, that’s on various trips

Pawn is an upcoming movie starring Common and some other folks he namedrops below

Common hearkens back to his early punchline-filled style and plays on “wheel” and “will” here

Common has denied that his new song “Sweet”, with its shots at rappers “[s]inging all around me man, la la la / You ain’t motherfucking Frank Sinatra”, is directed at Drake, despite the Canadian wonder’s direct emulation of Ol' Blue Eyes on the MTV VMA’s. Common’s not-all-that-convincing denial:

[O]n that song, I’m just talking about whoever the cap fits. I’m talking about rappers out there that’s soft and doing the same thing. So if the cap fits, then that’s who it is. That’s all it is. It’s whoever the cap fits, then let ‘em wear it. I think it’s a lot of creative artists out there. I think Drake makes some good music

i.e., until he’s fined

Given that Com went there for breakfast, this line likely refers to Hartford’s Mo’s Midtown Restaurant, well-known for their breakfast food, including a staggering variety of pancakes