His car has very big rims on the tires. Which allows him to "sit high". When a person is sits high at an arena or stadium they call those seats nose bleeds. Rims are usually called by their inch size. ie. 24's meaning the rim is 24 inches in diameter.
Paper chase meaning to pursue any activity that involves accumulating currency however he does this to such an extent that it can be related to an injury that many athletes or dancers acquire because of excess or strenuous use of there feet.
Not to be confused with the sexual act of "putting 4 in the stink and 1 in the pink" also known as "the shocker" Lil Wayne is explaining that he is a prodigical musician or amazing phenomenon like his father
Bumbaclot is a slang term, derived from the term bum clothe, used to express annoyance or disgust, so Lil Wayne is saying that he is always around attractive females even if they might not have that much of a personality and might be annoying...