Roy “Rocky” Dennis was a boy with a skull deformity who was the subject of the 1985 film Mask.
The woman in the song is trying to use makeup to cover the ugliness she feels inside.

Hottentot was the name given by the Europeans to the Khoi people of southern Africa. Khoi women were exhibited as freak show attractions in 19th-century Europe due to their generous posteriors.

The woman in question is described as being built like this.

Death to the industry!
Another reference to the logo of Spititout Inc

Mainstream rappers tell lies (blowing smoke), while propagating exaggerated fantasies (fairy tales).
“Half-baked” is a phrase that refers to a dumb, poorly thought-out idea, and also the title of a 1998 movie starring Dave Chappelle.

Callback to the “reaper” reference two lines above–though technically the Reaper wields a scythe, not a sickle.

One of Spititout Inc’s logos is a drawing of the Grim Reaper holding a microphone–it signifies death to homogenized corporate rap music.

They (the industry) are doing hiphop an injustice by selling us nothing but simple-minded rappers concerned only with money, and this mentality affects the public on a global scale.

In the book of Exodus, the land of Israel is described as “a land flowing with milk and honey.” “Land of milk and honey” has passed into the popular vernacular as a phrase referring to the promised land, or heaven.

Paraphrase of the oft-quoted bible passage Mark 8:36, rendered in the King James Version thus:

“For what shall it profit a man, if he shall gain the whole world, and lose his own soul?”

Quotes the second sentence of the U.S. Declaration of Independence, suggesting that this verse is a hiphop declaration of independence–independence, in this case, from the commercial rap industry.