Dead Wrong Born again Notorious B.I.G.

I'm out like the vapors

This is also a multiple entendre: If someone has "the vapors," it means they have fainted, or passed "out." In this case, "out" means to have left the studio/building/stage. (Like him saying "I'm Swayze", meaning he has disappeared like a "Ghost.")
The Vapors were a new wave/power pop band from England 1979-1981. Since disbanding, they have come out of the closet (announced they are homosexual). Biggie is saying he is "out" in a different way from the Vapors (leaving somewhere, not homosexual).