This could also be a reference to the fact that Lil' Wayne represents the Bloods gang, which are affiliated with the color red; their rival gang, the Crips, are affiliated with the color blue. Hence, the "blue" rivals he/his gang kills would be "ghosts."
A woman's love (both true and lustlful) can be described as a dormant candle, needing to be lit initially, burning you if you don't take caution; he is making a reference to a candle needing to be waxed, and implying his release is the "wax" in question.
Lil' Wayne does not enjoy being called just "Weezy". Instead he prefers his full nickname Weezy F. Baby stating "Please say the mother fucking Baby" in several songs
That he will have you killed or hurt badly. By sayin he will stawberry grape you he is implying that he would make you bleed and beat ou till the point of bruising which is most commonly found to be a reddish purple hue.
i will shoot you many times and make you bleed so much that you will be covered in blood from your head to your feet. your socks will be so saturated with blood from your injuries that they will drip.
He is comparing his expertise at the rap game (saying he is able to thrive in the music industry) to playing a video game. he's saying he's been doing it so long it's as if he were playing a video game for a long time and bruised his thumb.
I went to art school refers to painting a picture with the back of someone's head after shooting them. Painting a "pollack" (an abstract piece of art on a wall or other surface, after the artist named such) with your brain.