Burn a stog, i.e. light a cigar
And fantasy it was, for we were not strong, only aggressive; we were not free, merely licensed; we were not compassionate, we were polite; not good but well-behaved. We courted death in order to call ourselves brave, and hid like thieves from life. — Toni Morrison
A reference to the 1976 Broadway show Your Arms Too Short to Box With God, a popular touchstone in the African-American community.
Plainly a reference to the precarious status of blacks in 90s America.
On Daj’s point, the chorus is taken from a passage at the end of Morrison’s The Bluest Eye.
This gets it backwards — the “fiend” of hip-hop is a fan, and he has Nas' record stuck in his tape player just like a crack fiend would have a rock stuck in his pipe.
Also note the image of stasis — the character in question is standing still, both literally and figuratively, as life passes him by.
This line also encodes some fairly straightforward wordplay on the phrase “knight in shining armor.”