So Far Gone Drake
Lil Wayne actually says this. And it just means that for each letter he says he is essentially getting paid.
The Notorious D.I.P.
Blue's clues is a popular children's show in which Blue (A blue Dog) Collects clues to find a final outcome.
Drake is stating he has a cannabis cigar which you can smoke if you want to "zone" or zone out.
Drake is simply saying that he nicknamed his Ferrari (or driving it) "playin' checkers" because it is black with red seats
Drake is saying that since he gets money every time he says virtually anything, all he has to do is repeat the alphabet and he will, in theory, make money in doing so.
Thomas Edison invented the light bulb.
black and red are the color of the squares on a checker board and he's playin' and rakin' in Gs (making money) so he bought himself a Ferrari using his earnings
after a rebound the opposing team comes down court with the ball. he means balling like money
Dragons are portrayed to breathe fire, and he came with more fire than a dragon fight (his lyrics are hot).
Wayne is a so-called blood, and the blood call is "swoo woo" (to communicate to other blood gang members that you're a blood)