Apollo Creed was the opponent to Rocky in both Rocky I & II. He was the heavyweight champ. Busta is saying that he will knock you out like the great Apollo Creed.
Basically a basketball metaphor. When you're fouled on in basketball you get two free shots.. "and one" is a saying used whenever a player makes a basket while being fouled
Ludacris is showing rappers' capabilities beyond just music. He has started Straits Atlanta, which is a fine dining establishment in his home town featuring foods from the country of Singapore, like "Whole Maine Lobster - Another Singaporean Favorite."
Chappelle Show had a skit mocking MTV's show Making The Band. Chappelle, acting as original show cast member Dylon, continuously repeated the phrase "I spit hot fire".