This is a reference to Tyler killing Earl on the burgundy carpet a few lines back
To “kill someone on their own track”, a phrase made popular by a Nas line from his famed diss track Ether, means to best another rapper with a feature verse. Nas claimed that Eminem killed Jay-Z on “Renegade”
Tyler gets a large share of this song, making Earl look like the feature on a track that was supposed to be his own initially
This sets up the intro to the next song on the album, Kill. As Earl explains in Kill, Tyler did this as payback for Earl’s stellar performance on Assmilk