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.
Oslo15
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.
RockSteadyxx
indicating that he will be using armor-piercing rounds, which are coated in teflon, to take down his powerful rival
freeride
there is a bullet in the chamber of my weapon and I do not have the failsafe mechanism engaged.
javajake