Hulk Hogan and Macho Man vs Kim Jong-il/Rap Meanings

Kim Jong-il:
The name’s Kim Jong, I got a license to IL.

(Kim Jong-il introduces himself. Play on words: license to kill, and his name, Kim Jong-il.)

Make you swallow my rhymes like a steroids pill.

(Kim's saying Hulk Hogan is obviously on steroids and he's gonna swallow his rhymes like he's swallowing the pills.)

Your body looks like a spray tan banana,

(Hogan is very slick and yellow-tan.)

With a walrus mustache and a wack bandana!

(Hogan sports a mustache that resembles that of a walrus's whiskers, and always wears a bandana on his head.)

I’m coming at you like the Asian Ric Flair.

(Hulk Hogan was surpassed as WWF champ by his rival, Ric Flair. Kim says that he is like an Asian version of Flair.)

Bitch, I’ll suplex you by your friggin' dick hair!

(Suplex is a wrestling move. Kim says he is going to do this with Hogan's pubic hair.)

Your whole fam’s a bunch of Barbies, dude!

(Since his entire family is made up of blonde women, Kim's saying that Hogan's family looks like a bunch of Barbie dolls.)

'''You want beef? Eat this Korean Barbeque!'''

(A beef means a fight, or conflict, and since beef is usually served in BBQs, he's gonna give him some beef, or a fight. In particular, Korean restaurants and Korean-style food served in the United States is often described as "Korean Barbeque, as it's made up of meats marinated in Korean sauces then seared on a grill. Many Korean BBQ places actually have grills at the table, so the customers can watch their food being cooked or, at their discretion, cook it themselves. Several of the most famous Korean barbeque dishes, like Bulgogi or Kalbi, are beef.)

Hulk Hogan:
You got a ring side seat to your own smackdown, brother!

(Hogan is saying that Jong-il has a seat right next to the ring for his own defeat. He also often ends his sentences saying "brother".)

You look like Sonic the Hedgehog’s mother!

(Kim Jong-il is known for having a rather bizzare hairstyle, which Hulk Hogan says reminds him of Sonic, who has similar hair. Hulk also calls him Sonic's mother, further insulting him.)

You’re a freak, a phony, a rice-a-roni jabroni!

("Freak" and "phony"—Hogan is calling him weird and a fake. "Rice-a-roni" is a type of rice/pasta readymeal, and Asians usually eat a lot of rice. "Jabroni" is Italian slang for "dumbass", and another definition of it is a word used by wrestlers as "a wrestler who loses in order to make another wrestler look good".)

I’m gonna bounce you like a check for my alimony!

(Bounce is a wrestling term. More play on words: Hogan frequently bounces checks (not enough money in his account, illegal) for his divorce. An alimony is to provide financial support to one's spouse after being divorced, so he often bounces his checks.)

Come on dude, all the little Hulksters know.

("Come on dude" is one of Hogan's catchphrases; Hogan refers to his fans as 'Hulksters'.)

I’ll hang you from the ropes like a South Park puppet show!

(Jong-il was parodied in a South Park episode. He says he's going to hang him by ropes like people do with puppets in puppet shows, or the ropes on the wrestling rings. The line is also a reference to the movie Team America: World Police, also made by the creators of South Park, and whose main feature is to portray it's actors as puppets. This movie has Kim as the antagonist and is made as a marionette show. Kim Jong-il tried unsuccessfully to get the movie banned or even pulled from worldwide release.)

I’ll choke hold you hostage like Laura Ling!

(Jong-il held an American news reporter, Laura Ling, hostage in North Korea. A choke hold is a wrestling move.)

Brother, I’ll leg drop your ass back to Beijing!

(A leg drop is a move where a wrestler knocks their opponed down in the middle of the mat, runs at full speed into the ropes, bounces off them, then uses the momentum to throw themselves in the air, landing with their leg landing across the opponent's neck or upper body. Ironically, the move is designed to injure an opponent and prevent them from moving, allowing for the pinfall, though Hogan here claims the move would give Kim so much momentum he would be knocked all the way "back" to Beijing, which Hogan mistakes for a North Korean city, since the stereotype is that most Asians come from China. The leg drop is Hogan's signature finishing move, and therefore is considered the most devestating wrestling move Hogan could deploy against Kim. This makes Hogan's apparent lack of understanding of how the move works additionally ironic.) 

Kim Jong-il:
Beijing is in China, you blond asshole!

(He corrects him on his previous line, saying that he doesn't come from China.)

'''I’m a god amongst men. You’re a suburban commando!'''

(Kim's family all believe that they are gods. "Suburban Commando" was also a film that starred Hogan.)

'''North Korea, bitch. Let me give you a tour.'''

(Kim Jong-il was (at the time of the video) the dictator of North Korea. He says he'll show him around to get his act together.)

By the way, your wife says my dick is bigger than yours!

(Diss on Hulk's manhood and sex life. He's saying that Hogan's wife is cheating on him with his opponent. Also, Asian men are stereotyped as having small penises; Jong-il is saying that Hulk's is even smaller than his, possibly from the steroids he took.)

Announcer:
'''Hulk Hogan goes down. I don’t know if he can finish the battle! He’s reaching for the ropes! It's... it's... Macho Man Randy Savage!'''

(Parody of a wrestling match where Macho Man had to sub in for Hulk Hogan.)

"Macho Man" Randy Savage:
Oh yeah, it's about to get real!

("Oh yeah" is a phrase that Macho Man used a lot. He's also saying that the battle is about to actually get serious.)

Watch me snap into a Slim Jim, Kim Jong-il!

(Macho Man appeared in TV adverts for Slim Jim jerky, telling people to "Snap into a Slim Jim!" In the commercial, he snapped the Slim Jim in half, and he plans on doing the same with Jong-il.)

I don’t like to hit little bitches with glasses,

(Kim Jong-il is a little bitch with glasses. Dictators like him are also usually smaller than most people, such as Hitler or Napoleon.)

But when midgets step up, I stomp midget asses.

(Jong-il was also very short, almost midget-like. Even though he doesn't prefer to hit little people, he'll do it anyways.)

The Macho Man, there is no equal.

(Saying that no one compares to him.)

So spend less time rapping and start feeding your people.

(Jong-il supplied his people with one meal a day, which was a reason he was normally viewed as a bad leader.)

Punk, I'll elbow drop your whole nation

("Punk!" was one of Macho Man's catchphrases. Elbow drop is also another wrestling move that Randy Savage sometimes used to finish the match. He claims he'll do it on all of Kim Jong-il's nation.)

On behalf of the entire World Wrestling Federation!

(He'll elbow drop Kim Jong-Il for all the wrestlers in the league.)

Oh, yeah!

(Another one of Macho Man's catchphrases was "Oh yeah!")