Ludacris mentions that rappers are often multi-talented and can do many other things including acting. He's saying that famous actor Samuel L. Jackson should watch out, because rappers may be on the same stage as him accepting Oscar awards soon.
Young MC is saying that when you're surrounded by ugly females, you shouldn't choose to adopt a celibate lifestyle (like a monk who has chosen to refrain from sex to focus on religion). If you did, this would be nearly as bad as suicide.
Busta is rich enough with so-called Arab Money to gamble that money in a casino with presumably the now-deceased Palestinian leader, Yessir Arafat. Alternately, he could be suggesting that he is so wealthy he can use Mount Arafat as currency.