Actually this line is more likely to be in reference of the fact that Adam Sandler is known for putting his closest friends in his movies. So Wayne's saying he's always looking out for his clique like Adam Sandler does.
"I got the floor" is a way of saying he has everyone's attention (the way a public speaker has "the floor" when addressing an audience). But he wants to do better than that; Lil' Wayne wants to be on top (on the "roof") of everything.
The line is "like a menstrual I bleed through the pencil and leak on the sheet in the tablet of my mind" and is a metaphor for writing lyrics in his head,compared to the female menstrual cycle.It also sounds like "minstrel" which was a medieval songwriter
Lil Wayne is referring to taking a hit of Marijuana smoke that is so thick and void of oxygen it is like breathing in higher altitudes where the air is so thin you feel like you are choking.