I Won't Tell

The Elephant in the Room Fat Joe
"Mami" is a term used by Latino Americans, similar to "girl" or "honey", and Joe is saying that a particular woman looks like she could be the winner of Americas Next Top Model, a hit TV show
America's (Next) Top Model, a popular TV show in America often showcases beautiful women. The lyric is comparing the women the artist dates to beautiful women on the popular show
America's top model has attractive women and mami (short for mamicita) looks like she could appear on the show.
Rolls royce Phantom on the Interstate 95(highway)
The 1995 BMW 325i had a power roof that folded back behind the seats under a cover so you couldn't see it.
You can assume already without being told that the people I am referring to make it their custom to purchase alcohol by the bottle when they go to the bar or club--an expensive way to buy drinks and a symbol of wealth and status.
ghost riding is getting out of your car while it's moving; it started in Oakland