He means even if a girl isn’t wearing a big brand name (e.g. LV, Gucci, Prada, etc.) he won’t think any less of you.

His record label.

He means he has cool cribs, ice and wheels.

Bo Knows was an advertising campaign run by Nike featuring Bo Didley and Bo Jackson for some shoes made by Nike.

Diddy is also playing with the ad campaign BY Nike- Just Do it.

to be chipped up is to have a lot of ice on and as such he will grip up(Stand up) to anybody that tries to mess with him or steal his ice.

This can also mean he will destroy anyone who tries to take his throne.

Even with all the money and fame, 50 is still gutter(ghetto)

If the time on his watch is correct(it most probably is), he will be making it big in the stock market.

He doesn’t want to mike 1 or 2 major success and rest on his oars. He wants to get every bill that is printed

He means he has bigger aspirations and dreams than others

cake is possibly a reference to bread so he means true to his word he became rich