The so called "V-Card" is short for virginity card, which is a hypothetical diety that is exchanged between people (hypothetically) when their virginity is lost. Money is referring to giving and taking V-cards with retards as a tort to his success in bed
Skull Snaps is an underground funk group from the sixties and seventies. The drum breaks used in their songs are sampled by many hip hop artists today. This is a shout out from the Beastie Boys to Skull Snaps.