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Note: I didn't do this, I found it and thought I'd post it seeing as it is quite useful. My bad if it's been posted before LOL 
1, 2, 3, etc.
1825 Tulane
Song: "Seat Down Low"
Line: "I'm so New Orleans like 1825 Tulane"
Meaning: Referencing his birthplace, Wayne invokes a famous local commercial for a furniture store, Rosenberg's, and their ubiquitous jingle known far and wide by Louisiana residents:
Rosenberg's, Rosenberg's, you've got a lot to gain. Rosenberg's, Rosenberg's, eighteen twenty-five... Tulane.
A
Amil
Song: "Swizzy"
Line: "Make that chick rock/Get my Amil on"
Meaning: Roc-a-Fella female artist best known for a guest appearance on Jay-Z's "Can I Get a…" Wayne cleverly plays with his ability to make a female dance, or "rock," and puns with Amil's label, the Roc.
B
Baker, Anita
Song: "Upgrade U"
Line: "Seat way back listenin' to Anita Baker/Right here by myself smokin' weed by the acre"
Meaning: A world famous R&B singer; an instance of Wayne showing off his impeccable taste
Bathing Ape
Song: "Dipset 2"
Line: "Gorillas turn into Bathing Apes when I make it rain"
Meaning: Asian designer Nigo's clothing line, aka Bape; extremely popular in the urban community due to a push by Pharrel Williams, the Clipse, or Lil Wayne, depending on who you believe. Sharp punchline -- get it? -- wet monkeys...
Bishop Don Juan
Song: "Put Some Keys on That"
Line: "And I got more green than the Bishop Don Juan"
Meaning: A pimp, hip-hop artist and fashion designer reveered in the rap community; notable for his green outfits and perfect for a money-boasting line.
Bodyguard, The
Song: "Swizzy"
Line: "I just be chillin' in the Phantom/Listenin' to opera/Gun is my bodyguard/Call it Kevin Costner"
Meaning: 1992 film starring Kevin Costner as a bodyguard to a pop star portrayed by Whitney Houston. Possibly coincidentally, the movie is sold as a two-pack with another film, The Phantom of the Opera. If Wayne constructed the line this way on purpose he really is the Martian he claims he is. Unreal.
Bonnie and Clyde
Song: "Dipset 2"
Line: "Riding shotty/A bad bitch/Clyde and Bonnie"
Meaning: Infamous outlaws and subjects of a 1967 film starring Warren Beatty and Faye Dunaway, with Bonnie as an archetype for the rap-approved ride-or-die chick.
Brown, Cole
Song: "Put Some Keys on That"
Line: "And I'm Cole/Not dude off Martin"
Meaning: One of two best-friend characters to Martin Lawrence's lead on his 1990s FOX TV show Martin. Toying with cole/cold (as he does with Keisha on his much maligned "Barry Bonds" guest spot), Wayne pulls off one of the most obscure references on the album.
Bryant, Kobe
Song: "Dough Is What I Got"
Line: "I must be Lebron James if he Jordan/No, I want rings for my performance/I'm more Kobe Bryant of an artist/Same coach, same game, been startin'/Same triangle offense"
Meaning: NBA player often hailed as the next greatest -- Michael Jordan = Jay-Z. He is a 3-time world champion (rings) with the LA Lakers and coach Phil Jackson, best known for his "triangle offense."
Buffalo Bills
Song: "Swizzy"
Line: "I'm cold/Yeah, I get my Buffalo Bill on"
Meaning: NFL team in upstate New York known for snowy games and "cold feet" in the Super Bowl, winning four consecutive AFC titles and a grand total of zero championships.
Bunyan, Paul
Song: "Walk It Out"
Line: "Stayin on my toes you can call me Paul Bunyan"
Meaning: Mythical lumberjack, known for his towering height and his blue ox, Babe.
C
Campbell, Earl/Campbell's Soup
Song: "Get High Rule the World"
Line: "Campbell's Soup on the wrist/Just call me Earl"
Meaning: Calling attention to his gaudy jewelry using both a hall-of-fame NFL running back (from his hometown New Orleans Saints, no less) and America's favorite mmm, mmm good winter antidote.
Carruth, Rae
Song: "New Cash Money"
Line: "I'm killin' these niggas/Young Wayne Carruth"
Meaning: One of the more brutal punchlines, Rae Carruth is the NFL player currently imprisoned for conspiracy to commit murder after having his pregnant girlfriend killed in 1999. Carruth gathered some candy bars and bottles to pee in and hid in a trunk. Classy.
Carson, Sonny*
Song: "Black Republicans"
Line: "A black activist like Sonny Carson"
Meaning: A former gang member turned social servant, not unlike Malcom X, whose life and autobiography, The Education of Sonny Carson, was made into a film.
Claiborne, Liz
Song: "Get High Rule the World"
Line: "I'm straight from Claiborne/Just ask Liz"
Meaning: Another sly double entendre, Weezy refers to both the fashion designer/brand and either the parish/city or prominent street in Louisiana.
Cobain, Kurt/"Smells Like Teen Spirit"
Song: "Dipset 2"
Line: "Smellin' teen spirit/Like Kurt Cobain was here"
Meaning: A reference to the 1990s grunge rocker and Nirvana lead singer and the group's biggest hit; also a nod to the song from which this beat was taken, partner-in-rhyme Juelz Santana's "Dipset (Santana's Town)" in which JS spits, "The whole Byrd Gang's in here/Like Kurt Cobain was here/Yeah, yeah, yeah, yeah."
Commission, The
Song: "Dough Is What I Got"
Line: "The only down South rapper coulda been in The Firm/Or The Commission/Or Wu-Tang"
Meaning: Though Southern rap is often slighted for being gimmicky and full of one hit wonders, Wayne asserts his dominance by comparing himself to three classic NYC rap groups: The Firm (including Nas, Foxy Brown, AZ and more), The Commission (featuring Notorious B.I.G., Jay-Z, Charli Baltimore, Puff Daddy, etc.), and Wu-Tang (RZA, GZA, Ghostface Killah, et al.).
Contra*
Song: "Black Republicans"
Line: "Tote big guns like I'm still playin' Contra"
Meaning: A classic shoot-'em-up arcade game.
Costner, Kevin
Song: "Swizzy"
Line: "I just be chillin' in the Phantom/Listenin' to opera/Gun is my bodyguard/Call it Kevin Costner"
Meaning: see Bodyguard, The
Creed, Apollo/Rocky
Song: "Upgrade U"
Line: "I’m a champion/Where's the fucking Rocky theme/Rest in peace Apollo Creed/I'm a monster/Everyday is Halloween"
Meaning: The reigning Heavyweight Champion of the world in the first of Stallone's Rocky series, Creed meets his untimely death against Dolph Lundgren's Soviet fighter Ivan Drago in Rocky IV. (See below).
Creatine
Song: "Upgrade U"
Line: "Big stacks/My pockets on Creatine"
Meaning: A commonly used performance enhancing dietary supplement, in this case used to indicate big money in Weezy's pockets.
D
Dampier, Eric
Song: "Swizzy"
Line: "I ball and you're just Eric Dampier, dawg"
Meaning: While Wayne embodies Lebron, Jordan and Kobe all at once, Dampier is the representation of a painfully average NBA player. In the clip below he's the one getting dunked over.
Duncan, Tim
Song: "Put Some Keys on That"
Line: "And I might do the Spurs/Sittin' on them Tim Duncans"
Meaning: Another NBA player, Duncan is the San Antonio Spurs star power forward -- a big man who wears the number 21, here used as a reference to giant rims (21 inches, to be exact) on a car.
Dunkin' Donuts
Song: "Put Some Keys on That"
Line: "And in the Lambourghini I do Donuts like Dunkin"
Meaning: A popular North American doughnut franchise made into a metaphor for reckless driving.
E
Energizer Bunny
Song: "Back On My Grizzy"
Line: "Like the Energizer Bunny with a battery pack/Boy, that drummer keep drumming like brrat-at-tat-tat"
Meaning: Popular ad campaign for Energizer batteries.
F
Favre, Brett
Song: "Get High Rule the World"
Line: "More like Brett Favre/Just like Brett Favre"
Meaning: NFL player and Green Bay Packers quarterback, Favre is well-known for his consistency including a consecutive games played streak currently at 253 regular season games (and going, and going, and going...).
Fergalicious*
Song: "Black Republicans"
Line: "I get em high/Higher than turbulences/White Phantom/Lookin So Fergalicious"
Meaning: Fergalicious definition make them boys go loco:
Firm, The
Song: "Dough Is What I Got"
Line: "The only down South rapper coulda been in The Firm/Or The Commission/Or Wu-Tang"
Meaning: see Commission, The
Funyun
Song: "Walk It Out"
Line: "Yellow diamond ring lookin' like a little Funyun/Stayin on my toes you can call me Paul Bunyon"
Meaning: A chip-type snack, onion flavored in a ring shape.
G
Gervin, George
Song: "Swizzy"
Line: "George Gervin/I'ma get my chill on"
Meaning: A former NBA player nicknamed the Iceman for his level head.
Gill, Johnny
Song: "Swizzy"
Line: "In the New Edition/Yeah, I get my Johnny Gill on"
Meaning: Though Wayne is referring a new model of a car, he pulls out the name Johnny Gill, who was a member of the 1980s R&B boy band New Edition after the departure of Bobby Brown.
Gillie Da Kid
Song: "Live from 504"
Line: "I swim with the big/So I don't have time to deal with Willie Da Squid"
Meaning: A little swipe at a rival; Gillie claimed to have written some of Lil Wayne's earlier lyrics in a series of YouTube attacks and magazine interviews. Wayne riffs on his name and sea creatures with a cocky diss claiming that the two are not even in the same league.
Gladys Knight & the Pips
Song: "King Kong"
Line: "And I let him sing like Gladys Knight & the Pips"
Meaning: Apparently, when unleashed, Wayne's weapons sing like this historical southern soul act.
Godzilla
Song: "King Kong"
Line: "Godzilla, King Kong/And if I have to park/I will open up my trunk and it will be Jurassic Park" Meaning: Where the original "King Kong" track refers to a massive speaker system ("If you hear me 'fore you see me"), Wayne twists the cut to describe his guns in all their movie monster glory.
Gore, Frank
Song: "Get High Rule the World"
Line: "Make your so-called soliders run just like Gore/Yeah, Frank that is from San Francis"
Meaning: Gore is an NFL running back for the San Francisco 49ers, not to be confused with Al Gore, who is also known for running.
Gremlins, The
Song: "Sky's the Limit"
Line: "Relying on rap, but in the kitchen I'm a chemist/And when I was 5, my favorite movie was The Gremlins/Ain't got shit to do with this, but I just thought that I should mention"
Meaning: In one of the more free-associative lines on the record, Wayne interrupts a drug tale with a childhood flashback, referencing this 1984 film about mischievous monsters. Trailer below.
Grier, Pam
Song: "Swizzy"
Line: "My girl get her Pam Grier on"
Meaning: Wayne's women allegedly all look like this beautiful actress.
Gucci
Song: "Swizzy"
Line: "Fresh!/A bunch of little G's on my kicks"
Meaning: An upscale brand and in this case, sneaker reference.
Gushers
Song: "Walk It Out"
Line: "Explode in a bitch mouth like a Gusher"
Meaning: A fairly disgusting and graphic sexual reference to this delicious candy snack.
1, 2, 3, etc.
1825 Tulane
Song: "Seat Down Low"
Line: "I'm so New Orleans like 1825 Tulane"
Meaning: Referencing his birthplace, Wayne invokes a famous local commercial for a furniture store, Rosenberg's, and their ubiquitous jingle known far and wide by Louisiana residents:
Rosenberg's, Rosenberg's, you've got a lot to gain. Rosenberg's, Rosenberg's, eighteen twenty-five... Tulane.
A
Amil
Song: "Swizzy"
Line: "Make that chick rock/Get my Amil on"
Meaning: Roc-a-Fella female artist best known for a guest appearance on Jay-Z's "Can I Get a…" Wayne cleverly plays with his ability to make a female dance, or "rock," and puns with Amil's label, the Roc.
B
Baker, Anita
Song: "Upgrade U"
Line: "Seat way back listenin' to Anita Baker/Right here by myself smokin' weed by the acre"
Meaning: A world famous R&B singer; an instance of Wayne showing off his impeccable taste
Bathing Ape
Song: "Dipset 2"
Line: "Gorillas turn into Bathing Apes when I make it rain"
Meaning: Asian designer Nigo's clothing line, aka Bape; extremely popular in the urban community due to a push by Pharrel Williams, the Clipse, or Lil Wayne, depending on who you believe. Sharp punchline -- get it? -- wet monkeys...
Bishop Don Juan
Song: "Put Some Keys on That"
Line: "And I got more green than the Bishop Don Juan"
Meaning: A pimp, hip-hop artist and fashion designer reveered in the rap community; notable for his green outfits and perfect for a money-boasting line.
Bodyguard, The
Song: "Swizzy"
Line: "I just be chillin' in the Phantom/Listenin' to opera/Gun is my bodyguard/Call it Kevin Costner"
Meaning: 1992 film starring Kevin Costner as a bodyguard to a pop star portrayed by Whitney Houston. Possibly coincidentally, the movie is sold as a two-pack with another film, The Phantom of the Opera. If Wayne constructed the line this way on purpose he really is the Martian he claims he is. Unreal.
Bonnie and Clyde
Song: "Dipset 2"
Line: "Riding shotty/A bad bitch/Clyde and Bonnie"
Meaning: Infamous outlaws and subjects of a 1967 film starring Warren Beatty and Faye Dunaway, with Bonnie as an archetype for the rap-approved ride-or-die chick.
Brown, Cole
Song: "Put Some Keys on That"
Line: "And I'm Cole/Not dude off Martin"
Meaning: One of two best-friend characters to Martin Lawrence's lead on his 1990s FOX TV show Martin. Toying with cole/cold (as he does with Keisha on his much maligned "Barry Bonds" guest spot), Wayne pulls off one of the most obscure references on the album.
Bryant, Kobe
Song: "Dough Is What I Got"
Line: "I must be Lebron James if he Jordan/No, I want rings for my performance/I'm more Kobe Bryant of an artist/Same coach, same game, been startin'/Same triangle offense"
Meaning: NBA player often hailed as the next greatest -- Michael Jordan = Jay-Z. He is a 3-time world champion (rings) with the LA Lakers and coach Phil Jackson, best known for his "triangle offense."
Buffalo Bills
Song: "Swizzy"
Line: "I'm cold/Yeah, I get my Buffalo Bill on"
Meaning: NFL team in upstate New York known for snowy games and "cold feet" in the Super Bowl, winning four consecutive AFC titles and a grand total of zero championships.
Bunyan, Paul
Song: "Walk It Out"
Line: "Stayin on my toes you can call me Paul Bunyan"
Meaning: Mythical lumberjack, known for his towering height and his blue ox, Babe.
C
Campbell, Earl/Campbell's Soup
Song: "Get High Rule the World"
Line: "Campbell's Soup on the wrist/Just call me Earl"
Meaning: Calling attention to his gaudy jewelry using both a hall-of-fame NFL running back (from his hometown New Orleans Saints, no less) and America's favorite mmm, mmm good winter antidote.
Carruth, Rae
Song: "New Cash Money"
Line: "I'm killin' these niggas/Young Wayne Carruth"
Meaning: One of the more brutal punchlines, Rae Carruth is the NFL player currently imprisoned for conspiracy to commit murder after having his pregnant girlfriend killed in 1999. Carruth gathered some candy bars and bottles to pee in and hid in a trunk. Classy.
Carson, Sonny*
Song: "Black Republicans"
Line: "A black activist like Sonny Carson"
Meaning: A former gang member turned social servant, not unlike Malcom X, whose life and autobiography, The Education of Sonny Carson, was made into a film.
Claiborne, Liz
Song: "Get High Rule the World"
Line: "I'm straight from Claiborne/Just ask Liz"
Meaning: Another sly double entendre, Weezy refers to both the fashion designer/brand and either the parish/city or prominent street in Louisiana.
Cobain, Kurt/"Smells Like Teen Spirit"
Song: "Dipset 2"
Line: "Smellin' teen spirit/Like Kurt Cobain was here"
Meaning: A reference to the 1990s grunge rocker and Nirvana lead singer and the group's biggest hit; also a nod to the song from which this beat was taken, partner-in-rhyme Juelz Santana's "Dipset (Santana's Town)" in which JS spits, "The whole Byrd Gang's in here/Like Kurt Cobain was here/Yeah, yeah, yeah, yeah."
Commission, The
Song: "Dough Is What I Got"
Line: "The only down South rapper coulda been in The Firm/Or The Commission/Or Wu-Tang"
Meaning: Though Southern rap is often slighted for being gimmicky and full of one hit wonders, Wayne asserts his dominance by comparing himself to three classic NYC rap groups: The Firm (including Nas, Foxy Brown, AZ and more), The Commission (featuring Notorious B.I.G., Jay-Z, Charli Baltimore, Puff Daddy, etc.), and Wu-Tang (RZA, GZA, Ghostface Killah, et al.).
Contra*
Song: "Black Republicans"
Line: "Tote big guns like I'm still playin' Contra"
Meaning: A classic shoot-'em-up arcade game.
Costner, Kevin
Song: "Swizzy"
Line: "I just be chillin' in the Phantom/Listenin' to opera/Gun is my bodyguard/Call it Kevin Costner"
Meaning: see Bodyguard, The
Creed, Apollo/Rocky
Song: "Upgrade U"
Line: "I’m a champion/Where's the fucking Rocky theme/Rest in peace Apollo Creed/I'm a monster/Everyday is Halloween"
Meaning: The reigning Heavyweight Champion of the world in the first of Stallone's Rocky series, Creed meets his untimely death against Dolph Lundgren's Soviet fighter Ivan Drago in Rocky IV. (See below).
Creatine
Song: "Upgrade U"
Line: "Big stacks/My pockets on Creatine"
Meaning: A commonly used performance enhancing dietary supplement, in this case used to indicate big money in Weezy's pockets.
D
Dampier, Eric
Song: "Swizzy"
Line: "I ball and you're just Eric Dampier, dawg"
Meaning: While Wayne embodies Lebron, Jordan and Kobe all at once, Dampier is the representation of a painfully average NBA player. In the clip below he's the one getting dunked over.
Duncan, Tim
Song: "Put Some Keys on That"
Line: "And I might do the Spurs/Sittin' on them Tim Duncans"
Meaning: Another NBA player, Duncan is the San Antonio Spurs star power forward -- a big man who wears the number 21, here used as a reference to giant rims (21 inches, to be exact) on a car.
Dunkin' Donuts
Song: "Put Some Keys on That"
Line: "And in the Lambourghini I do Donuts like Dunkin"
Meaning: A popular North American doughnut franchise made into a metaphor for reckless driving.
E
Energizer Bunny
Song: "Back On My Grizzy"
Line: "Like the Energizer Bunny with a battery pack/Boy, that drummer keep drumming like brrat-at-tat-tat"
Meaning: Popular ad campaign for Energizer batteries.
F
Favre, Brett
Song: "Get High Rule the World"
Line: "More like Brett Favre/Just like Brett Favre"
Meaning: NFL player and Green Bay Packers quarterback, Favre is well-known for his consistency including a consecutive games played streak currently at 253 regular season games (and going, and going, and going...).
Fergalicious*
Song: "Black Republicans"
Line: "I get em high/Higher than turbulences/White Phantom/Lookin So Fergalicious"
Meaning: Fergalicious definition make them boys go loco:
Firm, The
Song: "Dough Is What I Got"
Line: "The only down South rapper coulda been in The Firm/Or The Commission/Or Wu-Tang"
Meaning: see Commission, The
Funyun
Song: "Walk It Out"
Line: "Yellow diamond ring lookin' like a little Funyun/Stayin on my toes you can call me Paul Bunyon"
Meaning: A chip-type snack, onion flavored in a ring shape.
G
Gervin, George
Song: "Swizzy"
Line: "George Gervin/I'ma get my chill on"
Meaning: A former NBA player nicknamed the Iceman for his level head.
Gill, Johnny
Song: "Swizzy"
Line: "In the New Edition/Yeah, I get my Johnny Gill on"
Meaning: Though Wayne is referring a new model of a car, he pulls out the name Johnny Gill, who was a member of the 1980s R&B boy band New Edition after the departure of Bobby Brown.
Gillie Da Kid
Song: "Live from 504"
Line: "I swim with the big/So I don't have time to deal with Willie Da Squid"
Meaning: A little swipe at a rival; Gillie claimed to have written some of Lil Wayne's earlier lyrics in a series of YouTube attacks and magazine interviews. Wayne riffs on his name and sea creatures with a cocky diss claiming that the two are not even in the same league.
Gladys Knight & the Pips
Song: "King Kong"
Line: "And I let him sing like Gladys Knight & the Pips"
Meaning: Apparently, when unleashed, Wayne's weapons sing like this historical southern soul act.
Godzilla
Song: "King Kong"
Line: "Godzilla, King Kong/And if I have to park/I will open up my trunk and it will be Jurassic Park" Meaning: Where the original "King Kong" track refers to a massive speaker system ("If you hear me 'fore you see me"), Wayne twists the cut to describe his guns in all their movie monster glory.
Gore, Frank
Song: "Get High Rule the World"
Line: "Make your so-called soliders run just like Gore/Yeah, Frank that is from San Francis"
Meaning: Gore is an NFL running back for the San Francisco 49ers, not to be confused with Al Gore, who is also known for running.
Gremlins, The
Song: "Sky's the Limit"
Line: "Relying on rap, but in the kitchen I'm a chemist/And when I was 5, my favorite movie was The Gremlins/Ain't got shit to do with this, but I just thought that I should mention"
Meaning: In one of the more free-associative lines on the record, Wayne interrupts a drug tale with a childhood flashback, referencing this 1984 film about mischievous monsters. Trailer below.
Grier, Pam
Song: "Swizzy"
Line: "My girl get her Pam Grier on"
Meaning: Wayne's women allegedly all look like this beautiful actress.
Gucci
Song: "Swizzy"
Line: "Fresh!/A bunch of little G's on my kicks"
Meaning: An upscale brand and in this case, sneaker reference.
Gushers
Song: "Walk It Out"
Line: "Explode in a bitch mouth like a Gusher"
Meaning: A fairly disgusting and graphic sexual reference to this delicious candy snack.
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