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.
More accurate lyrics are here:
GRABBED UP THE BOXERS