Ready to Die

Ready To Die Notorious B.I.G.
"Off and on" implies he can come up with new lyrics whenever he wants, it's as easy as turning a light switch off and on.
Refers to a song called Keep on Walkin' by CeCe Peniston. Biggie is warning you to not stop to confront him, because he will kill you.
indicating that he will be using armor-piercing rounds, which are coated in teflon, to take down his powerful rival
there is a bullet in the chamber of my weapon and I do not have the failsafe mechanism engaged.