Listening to that Timbaland produced snippet, I think Nas is talking about what happened that night he met up with Pac. He says "the true Bishop from Juice running wild loose" and then follows with "me and my 40 troops is stupid". He then describes what they were wearing before saying is "nothing to grab something and start... (sounds like he's about to say "dumping"). Nas said he was going to be telling stories he's never told before, could that near altercation between him and Pac be the subject of this song? It's already dope, but that story would make it that much more crazy.