The Mirage is a hotel and casino in Las Vegas

Mase — Feel So Good

He (Sonny Shotz) and fellow The King’s Dead member Alexander Mendoza just went through a big change. They renamed The Dean’s list to The King’s Dead and came up with a new plan for the trio (Sonny, Mendoza and Mik Beats) to shake up the music scene.

They’re cruisin' in their car listening to Kid Cudi
Coincidentally, Cudi has a song called Cruisin'

Kanye West made him believe in his city of Chicago.
Yeezy taught him well

Kanye West and Jay-Z are unquestionable one of the best rap collaborations (mixes) ever, as evidenced by the album Watch the Throne.
Eminem and his daughter Hailie, are tormented by a “bad bitch”, Kim, Marshall’s ex wife whom he often references and insults in his songs.

Generation X was the second production by The King’s Dead, formerly known as The Dean’s List.
The first was The Drive In. He’s saying that they were both hits, while you have none

He’s dressed up like a Vice President, therefore backing up the president.
Also referencing the Lil Wayne song “Back On My Grizzy” from the mixtape Da Drought 3. Weezy is like a Vice President of Cash Money Records, whose president(s) would be Birdman and Slim.

They’re listening to Kanye West & Jay-Z’s song “Otis” in the car

He may be listening to Otis Redding the 1960’s singer whose song “Try a Little Tenderness” is sampled in the song mentioned above

Tim Robbins plays the main character, Andy Dufresne, in the movie “The Shawshank Redemption”
Dufresne is sentenced to prison for killing his wife and child, though he claims he is innocent.