This is most likely a reference to the previous line, “I'ma rub your ass in the moonshine”. RZA said it was a quote made by ODB when they were around the age of 10 and they were both that age in 1979 (since ODB was born late 1968 and RZA was born in 1969).

1979 was also the year that the first ever rap single was released (“Rapper’s Delight” by the Sugar Hill Gang).

Also, it keeps the Divine Mathematics theme and also shows Wu-Tang creating a spiritual connection between their Rap Triumph and the dawn of Rap, a Rebirth, fitting of Osiris.

1997 is also an anagram of 1979; both of which would be key years in rap and both contain the highest divine number pair 9-7.

Wayne is comparing the rap game to an underwater ecosystem; in this scenario, he would be a shark, as a shark is feared and eats others (just as Wayne metaphorically “eats” other rappers).

He also hangs out with rappers of the same caliber of himself, or has big bodyguards or “swim with the bigs”

Nick Lachey and Jessica Simpson were at the time, starring their own reality show, Newlyweds.

By saying that Simpson’s head is full of air, he is implying that she is stupid. Then he justifies the statement by referring to Simpson’s infamous exchange with Lachey, where she confuses chicken and tuna due to a brand name.

Em also references the couple on “Ass Like That”.

Canibus’s dedication to the rap game is such that he is almost always working and often goes without pay and doesn’t care if people laugh at him

As of 2016 Canibus has released 12 solo studio albums, 3 collaborative albums (with Phoenix Orion, Keith Murray and the group Almighty), a few mixtapes and some EPs. None of them have been very successful, with only his first album going gold. For this, along with his weird personality, complicated rhyme styel and absurd album C True Hollywood Stories, Canibus has become somewhat of a laughingstock for many rap fans and insiders