The ritual act of removing skin from the body.
There’s also some references to card games in this line, as well as alcohol:
Straight Up — could be a high straight flush or turning cards over to reveal the face.
Chasing can be collecting cards to build a better hand.
Layaways — can be putting money aside for a future bet.
He saying all bets are off, he has already won the game.
Spinach is also slang for marijuana and green money.
I think he also means he gets money on the street from drug deals.
By Legion of Doom he means WWF wrestlers Hawk and Animal, also known as the Road Warriors.