The Blueprint
Izzo
Jay-z is saying that he used to sell drugs down in VA. Dribblin aka handlin the rock aka slangin that crack
Izzo
Jay-Z fought the charges (beat) that the officer was trying to bring up against him and was succesful much like the movie character Rocky would beat his boxing opponents.
Izzo
Even if my associates were short on immediately expendable capital, I was willing to extend the olive branch and pursue work opportunities with them.
Izzo
he is spelling out Hova, short for J-Hova (Jay-Z's nickname for himself) which sounds like Jehovah (a name for God) because he is a God among rappers
Izzo
Jay-Z is referring to the fact that there was a point in time when he often played basketball in Virginia state for recreation.