Ice Ice Baby

To The Extreme Vanilla Ice
listen to the catchy part of the song, which is a sample from a vinyl record, played live by my DJ
To 'wax' a 'chump' means to kill a foolish person. Candles are made of wax thus Vanilla Ice is made kill foolish people.
The "chumps" are quicker or hyped up because they are high on cocaine
this could be like saying "Say hi to your Mom for me..." which is kind of suggestive of Vanilla Ice having relations with the mother of whoever is listening to his song
the only explanation I can think of for this is that his style of rapping destroys his competition, like a chemical spill eats or burns through everything it touches...
driving or riding in his car (the car he's in is rolling), which has a 5.0L engine (in this case a Ford Mustang, which during the early '90s had a chrome "5.0" emblem on the side)
the bass (lower tones in the music) kicked in, probably because Vanilla Ice turned up the volume on his car stereo, and the Cerwin Vega brand subwoofers are pumping in and out creating bass
this means you should listen to the hook (the chorus or the catchy part of the song) while the DJ (disc jockey) plays the music