He’s also playing on and reversing the meaning of the classic “Bud” commercials that offered, “This Bud’s for you”:
The song is a cover of the traditional British anthem, “God Save the Queen [or King].”
References to the Zulu Nation abound throughout the later history of hip hop as well, especially in the lyrics of the Native Tongues collective, as when Q-Tip raps on Tribe’s “Bugging Out”:
I would emphasize the work here rather than the author, providing only basic info to establish context.
In the long term, the William Carlos Williams “artist” page will have more in depth biographical info.
There is word play here “sheep” as well.
Counting “sheep” to go to “sleep,” as one does when they have insomnia.
Mainstream hip hop audiences who are like “sheep” in that they follow the shepherding of the music industry in their herd-instinct. Which makes them essentially “asleep,” unconscious listeners.
Given the above sexual metaphors, this line also likely plays on the double meaning of “deep,” as intellectually profound and sexually potent.
He’s going “off credit,” as in he has enough cash to pay for things straight up. His old homies don’t even have the credit to get cars are are straight using their debit account.
There’s also a word play on dreams that get “shredded” and “credit” cards that might be shredded as one might do when they go “off credit.”
He is, of course, also wittily reworking the lyrics to Don Mclean’s “American Pie”:
Bye, bye Miss American Pie
Drove my Chevy to the levee but the levee was dry
Them good ole boys were drinking whiskey in Rye
Singin' this’ll be the day that I die
This’ll be the day that I die