Leather So Soft

Like Father, Like Son Birdman and Lil Wayne
Rappers often say they "Spit hot fire" and Lil Wayne is no exception, comparing himself to a fire-breathing dragon
His car has very big rims on the tires. Which allows him to "sit high". When a person is sits high at an arena or stadium they call those seats nose bleeds. Rims are usually called by their inch size. ie. 24's meaning the rim is 24 inches in diameter.
The Oracle
Paper chase meaning to pursue any activity that involves accumulating currency however he does this to such an extent that it can be related to an injury that many athletes or dancers acquire because of excess or strenuous use of there feet.
Insufflated cocaine - here rendered 'coke' is nearly always mixed, or 'cut' with other substances. These are often acidic, or otherwise corrosive, and can cause nasal bleeding in some consumers.
Bumbaclot is a slang term, derived from the term bum clothe, used to express annoyance or disgust, so Lil Wayne is saying that he is always around attractive females even if they might not have that much of a personality and might be annoying...