Playing off the mention of Kennedys in the lines prior, the magic bullet theory is tied to John F Kennedys death and the seemingly impossible trajectory of the bullet.
http://www.youtube.com/watch?v=PfSXkfV_mhA

To be king of the hill is to be on top of and in some cases dominant in a group, in other countrys like britain the phrase is more commmonly ‘’king of the castle‘’

Vermont and Wiscounsin are two places very well known for their cheese making, Wisconsin is also the biggest producer of cheddar cheese in the USA, cheddar is a type of cheese and also slang for cash.

Fentanyl is an addictive drug which is approximately 100 times more potent than morphine which is used in the Duragesic patches which are in turn used for relief of moderate to severe pain, people have abused this and actually smoked the patches

Four leaf clovers are associated with good luck.

A dead dandelion when blown can spread quickly and quite far which is the manner in which the lies are spread.

To make ends meat means to make enough money to get by.

Started up a chicken farm, the town eats red meat

Meaning that the music he is creating isn’t to the taste of the people in the town (the town could be seen as the mainstream & the farm as a less populated place such as the underground scene), Chicken is a white meat, the town only eats red meat.

To hear through the grape vine is a idiom which means to hear news from someone who heard that news from someone else.