Ready To Die Notorious B.I.G.
Play on words. Blow up as in immediate combustion with force and power, when coupled with getting paid ~ The manner in which his music will quickly amass him riches is akin to the manner in which the World Trade shattered when attacked. (pre-911)
widelian is right. Biggy is employing both meanings. http://en.wikipedia.org/wiki/1993_World_Trade_Center_bombing
he listened to Rap Attack every saturday, one of the first hiphop shows on radio, featuring John "Mr. Magic" Rivas and Marley Marl as the DJ.
yo he also referencin they bombed that shit in 93
Biggie is saying that he is about to make money and get big (blow up in this context means become popular very quickly, not actually explode), like the World Trade Center towers in New York City that were a symbol of U.S. financial power
Red and black lumberjack refers to a red and black checkered wool coat and the hat is made of matching material (and has ear flaps)
Biggie was once a criminal but changed to a "lifestyle of the rich and famous" like the name of a TV show hosted by Robin Leach
basically Biggie is saying that the ladies are all over him.
Shinobi Shaw
In my youth I was a fan of the periodical "Word Up". This magazine was one of the first to chronicle the hip-hop lifestlye.
His phone bill is ussually around $2000, possibly implying a massive amount of drug dealing