The line "H to the Izz-O, V to the Izz-A" is a slang method of spelling out H.O.V.A. It was a trizzend in the rizzap community to put "izz" in words.
"Hova" refers to what Jay-Z calls his "God Name," which is "Jay-Hova," as in Jehovah.
Jay-Z raps about himself throughout the song. It is a short summary of his life, including how he sold crack in Brooklyn and showed his entrepreneurial streak by going to Virginia and Maryland to peddle drugs there for a bigger profit. Proceeds from drug dealing allowed him to finance his first album and start Roc-A-Fella Records.
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