Deadpool:
Oh, is it me? Well, here's my first issue:
(Deadpool begins the battle. He doesn't realize it would be his turn right away and is a bit off-guard, but still plays it off with ease. When referring to comics, the word "issue" refers to an individual episode of the story, typically presented in a form similar to a magazine. However, Deadpool is also about to discuss his first issue, or "problem," with having to rap against Boba Fett. He explains his reasoning in the next line.)
I barely even know enough about you to diss you!
(Boba Fett is known for his prominently mysterious role in the original Star Wars trilogy, where his appearances are few and far between.)
But do you guys honestly think that I would screw this feud up
(Deadpool is speaking directly to the audience. He is well known for "breaking the fourth wall," i.e. being aware that he is a comic book character and addressing his readers. Here, he is assuring the viewers of this battle that he will be the winner.)
And lose to the dude a huge toothie cootchie chewed up?
(In Star Wars Episode VI: Return of the Jedi, Boba Fett is defeated when his jetpack malfunctions, causing him to plummet into the Sarlacc, which Deadpool says resembles a vagina, or "cootchie", with teeth.)
That's bananas! I do damage when I brandish my katanas!
(The phrase "That's bananas" is an idiom synonymous with "That's crazy!" His weapons of choice are twin katanas, a form of sword first invented in feudal Japan, and he says he will cause pain when he shows them off.)
Man, I'll slice you up then vanish in my lady bug pajamas!
(Deadpool's costume is currently an entirely red and black full-body armor, which makes him look like a ladybug. Also, one of Deadpool's powers is of teletransportation, which is shown while saying this line.)
I'm one of a kind; you're a xerox of your papa,
(Boba Fett is the clone of Jango Fett, who was widely regarded as the best bounty hunter in the Star Wars galaxy and who was used as a genetic template to clone the Grand Army of the Republic. Xerox is a brand of photocopiers often used to make copies of paperwork, so Deadpool asserts that this makes Boba Fett a clone, as well as a lesser villain. Deadpool is famous for making many pop culture references, in this case dressing up as Elvis Presley and impersonating him for a couple lines. Coincidentally, Deadpool's voice actor, EpicLLOYD, portrayed Presley in a previous battle.)
Doing temp work for Vader and odd jobs for Jabba!
(Both movies of the original trilogy in which Boba Fett appears feature him working against Luke Skywalker and Han Solo. Boba Fett was one of Jabba the Hut's go-to mercenaries, and worked alongside Darth Vader in Star Wars Episode V: The Empire Strikes Back so as to capture Han Solo for losing one of Jabba's smuggling shipments.)
I'm tight; you're mad baggy! I'm toned; you're so flappy!
(Deadpool is saying he is fit. He is also saying Boba Fett isn't. It also refers to Deadpool tight costume as opposed to Boba Fett's loose costume.)
Mad 'cause Sam Jackson killed your clone daddy!
(In Star Wars Episode II: Attack of the Clones, Jango Fett is decapitated by Mace Windu, played by Samuel L. Jackson. Jango Fett is Boba Fett's father, from whom he was cloned.)
Somebody oughta put a bounty on that cape!
(Boba Fett is a bounty hunter, and putting a bounty on something means to hunt it down. But in this context, Deadpool is saying someone should put the cleaning product Bounty on Boba Fett's cape since it is tattered and filthy.)
Maybe I'll write a letter and mail it in your face!
(Deadpool makes fun of Boba Fett's helmet, saying it looks like a letterbox.)
Boba Fett:
Good thing I keep Tums in the Slave 1 'cause your style makes me spacesick,
(The Slave 1 was originally Jango Fett's spaceship, of which Boba Fett later took posession. Tums are a brand of antacid used to treat upset stomach. Boba Fett is saying that Deadpool's verses are enough to make him spacesick, or nauseous. He uses spacesick as a play on words from seasick, as he owns a spaceship and not a seaship.)
And your bars are like your old pal Cable: fucking basic!
(Nathan Summers, better known as Cable, is a mutant and the future son of mutants Cyclops and Red Queen, as well as an ally and friend of Deadpool. "Basic cable" refers to the standard bundle of channels available from most cable television providers. Boba Fett is saying that Deadpool's rapping is boring, much like both Cable the character and cable TV. Basic is also the name of the standard, simple language spoken across the Star Wars universe.)
I'll smack a merc in the mouth if he doesn't quit running that lip off.
(Boba Fett makes a play on words of Deadpool's nickname, "merc with a mouth", a nickname he earned for being extremely talkative.)
Bitch, who you calling clone? You're a Deathstroke ripoff!
(Deathstroke is a DC character whom many readers have noted shares similarities with Deadpool, even as far as their similar names. Both are antiheroes, familiar with swords, and have similar costumes. Deadpool was originally created to be a parody of Deathstroke.)
You stole Spider-Man's eyes and Snake Eyes' weapons.
(Spider-Man is another character in the Marvel universe known for his giant white and black eyes. Snake Eyes is a G.I. Joe franchise character (the comics of which were also published by Marvel between 1982 and 1994) who also carries a Japanese sword.) Boba Fett compares Deadpool's physical attributes to other comic characters.)
You got Wolverine's powers, man: you're comic sloppy seconds!
(Continuing from the last line, Boba Fett also compares Deadpool to Wolverine, one of the X-Men. Deadpool and Wolverine both have accelerated healing abilities and have worked with each other on occasion. "Sloppy seconds" is a slang phrase for when a man has sexual intercourse with a female or male partner who already has received another man's penis in the relevant orifice and is therefore wet or "sloppy". Boba Fett uses this term as an analogy to show disgust that Marvel would try to cash in on the branding of similar characters.)
That Dr. Killebrew dude needs to go back to med school
(Dr. Killebrew was the geneticist responsible for giving Deadpool his powers of regeneration. Boba Fett thinks he did not do such a great job, and should be retrained in the art of medicine. He continues his thought on the next line.)
'Cause right now, you're no good to me, Deadpool!
(In The Empire Strikes Back, Boba Fett says the phrase "He's no good to me dead," referring to Han Solo, whom Jabba had tasked Boba Fett with collecting. Han was being tortured by Darth Vader's minions, and Boba Fett assumed he would kill him, although this was not the case. Boba Fett makes a play on Deadpool's name, saying Deadpool will die from being tortured by Boba Fett's verses.)
Deadpool:
Ooooh, what's that? A missile backpack?
(Deadpool notices Fett's jetpack which contains a missile and compares it to a backpack.)
Well, I guess you'll be alright if a fucking bird attacks!
(Deadpool then calls it useless unless a flying creature such as a bird attacks him.)
Presenting the most overrated character anyone ever saw,
(Deadpool then comes in as a carnie announcer and presents the audience to Boba Fett as an overrated character.)
With five lines in the trilogy, and one of them was, "AAAH!"
(The "AAAH!" referred to here was uttered by Boba Fett when he fell into the Sarlacc pit. This was not voiced by Boba Fett's actor, however. The makers of Star Wars decided to use the Wilhelm Scream instead. It is a prerecorded stock sound affect used across multiple movies and television shows, and it is commonly mocked by viewers because of its overuse and memorability.)
Boba Fett:
I only need five lines 'cause I look fucking great.
(Boba Fett says he only needs five lines in the trilogy to become a great character.)
You look like someone spilled lasagna on your face!
(Deadpool is known to have a very hidious face in which Fett says someone spilled lasagna, an Italian flat pasta made with copious amounts of sauce, on his face.)
But you're worth a lot to me if I bring you back dead.
(Boba Fett is a bounty hunter, and says that if he kills Deadpool, someone would give him a good payment. This could also be a reference to how Deadpool is nearly impossible, if not impossible, to kill, which would mean that the bounty for him dead would be an extremely high one.)
Schizophrenics pay triple: one for each head!
(One side effect of Deadpool's healing ability is that the neurons of his brain are unstable. He thus has an incurable medical condition, making him unpredictable, and is generally thought to be the cause of his overly excitable personality. Deadpool does frequently talk to himself (a symptom shared by most schizophrenics) but his condition has not been officially diagnosed. Because Boba Fett assumes he has schizophrenia, he makes a joke that each of Deadpool's personalities will be counted when Boba Fett receives his payment for defeating Deadpool.)
Deadpool:
Who you calling schizophrenic? You've got two different voices!
(In the Star Wars special edition, Boba Fett's voice is changed. This is also a joke about how Boba Fett was previously used two years earlier in Hitler vs Vader 3 as a backup rapper for Darth Vader, where he was voiced by Ray William Johnson. Schizophrenics are often described as having different voices in their head. This is also a joke at how Deadpool himself has two different voices in his head, with one of the two voices being the ones saying this line.)
You're like your Holiday Special, man: full of bad choices!
(The Star Wars Holiday Special is a 1978 television movie that was Boba Fett's first appearance was notorious for its terrible plot and casting decisions, among many other problems. Its also worth to note that George Lucas himself has stated that making the Christmas Special was one of his biggest mistake in the movie industry.)
Boba Fett:
You think your chimichanga's hot, but you couldn't be milder.
(Chimichangas are a Mexican dish prepared by deep-frying a burrito. They are Deadpool's favorite food. Boba Fett compares Deadpool's style to a mild, non-spicy chimichanga, which would not be as tasty.)
You should've made the choice to ditch the prick from Van Wilder!
(In the movie, "Nation Lampoon's Van Wilder", actor Ryan Reynolds portrayes Van Wilder. In "X-Men Origins: Wolverine" and "Deadpool", Ryan Reynolds portrays Deadpool. Boba Fett is saying that instead of letting Reynolds reprise the role of Deadpool, Fox should've ditched him.)
Deadpool:
And the coolest things about you got straight up abandoned!
(Most of Boba Fett's backstory come from the "Star Wars Expanded Universe". After the Walt Disney Company bought the right to the Star Wars series, it is said that the "Expanded Universe" is no longer canon, which means Boba Fett's backstory is mostly removed. Deadpool is making fun of Boba Fett about how most of the interesting part about his character is removed.)
You let a kiwi hold your gun and he fucked up your canon!
(In the second of the three Star Wars prequels 'Star Wars Attack of the Clones', a child Boba Fett was portrayed by Daniel Logan. Logan was born in New Zealand, hence being referred to as a Kiwi, a popular nickname for someone from the country. Deadpool states that he fucked up his canon' as many believe that the prequels didn't do the originals justice; especially in the case of Fett. Furthemore, this line points fun at Boba Fett's portrayal in the prequels and how it subsequently destroyed his credibility as a character. His 'canon' (backstory)is being tarnished by it. This is also a play on the words canon and cannon, a variety of guns that Boba Fett may use.)
So maybe don't talk about movies cause you've got dick to say!
(Deadpool is telling Boba Fett to not talking about movies he is in since without the Expanded Universe, Boba Fett has limited material.)
Wrap that arm dart around Jar Jar and go far far away!
(One of Boba Fett's weapon is an arm dart which can tie up the target. Jar Jar Binks is a character from the Star Wars Prequel, who is hated by most of the Star Wars fans. "A long time ago in a galaxy far, far away..." is a famous quote from the Star Wars opening crawl. Deadpool is telling Boba Fett to leave and take the worst part of the Star Wars series with him.)
Boba Fett:
I'm a legend; you're a trend. You ain't got half the skills I got.
(Boba Fett says he is a legend, as he is part of one of the biggest franchises in movie history and is remembered since then, while Deadpool's popularity is often seen as just a trend, becoming popular because of the character's personality)
I'll beat your ass with one eye closed: Boba Fetty Wap!
(Fetty Wap is a rapper who broke into the mainstream in 2015. A well-known feature about him is having glaucoma in his left eye, which prevents him from being able to open it.)
And then I'll call Domino's: she likes what I'm shaking.
(Fett is referencing the pizza chain Domino's. People call pizza places to order pizza. Domino is also a mutant from the X-Men franchise, part of the X-Force with Deadpool. Even though they were never seen as a romantic couple, the duo still had many adventures together.)
She prefers my durasteel to your Canadian bacon!
(Durasteel is a form of metallic alloy in the Star Wars universe. Its name is a portmanteau of "durable" and "steel," and Boba Fett is using these qualities to refer to his penis. Deadpool is a Canadian citizen, and Canadian bacon is a form of bacon more closely related to ham. Boba Fett is comparing Deadpool's own privates to a weak, floppy slice of Canadian bacon. This might be also a word on play for Domino's Pizza which has a topping of Canadian Bacon.)
Now take a lesson from a genuine assassin who's blasting foes!
(Boba Fett claims Deadpool is not a real assassin, and he is about to be taught a lesson. In the Star Wars universe, people use blasters that shoot lasers, as opposed to regular guns that shoot bullets.
I come equipped with a full set of sick Mandalorian flows!
(Fett's "father" Jango Fett was from the famous Mandalorian warrior race.)
Everybody knows you got that power of regeneration.
(This is Deadpool's primary power. He heals quickly from any and all injuries, and is immune to mind control and poisonous drugs.)
Now run home and heal from this disintegration!
(Following from the previous line, Boba Fett is saying that his rhymes have destroyed Deadpool, and that he should run away from the battle to heal and avoid being hurt further. Also, in The Empire Strikes Back, Darth Vader specifically told Fett "No disintegrations", which implies that Fett is known for disintegrating his foes.)