The 38 special refers to the .38 Smith & Wesson Special Cartridge (outer cover of bullet) Used in revolvers. The vest is a bullet proof vest. They are saying they will let the bullets go through the bullet proof vest of another person.
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."