The line, "Watchin' Grunge leg drop New Jack through a press table" refers to the music scene at the time, where New Jack was losing its popularity and Grunge was becoming increasingly popular. It also has a meaning in the world of wrestling: Extreme Championship Wrestling (the ECW) was a wrestling organization where people were put through tables a lot. Johnny Grunge and New Jack were the names of two of the craziest wrestlers in the federation.
The line, "I'm the epitome of public enemy" is taken from Public Enemy's song "Don't Believe the Hype."
Weezer lead singer Rivers Cuomo wrote this while he was studying at Harvard. He finally finished his degree - Bachelor of Arts in English - in 2006.
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