'We were at the same table when the chips were checked
A gamblin +Rebel+ who +Inspects+ the +Deck+
Just when you thought we would fold our hand
Against all odds we raised the bet like we changed the plans
It was live on air but in between station breaks
I was holdin a pair and just made the table stakes
Split the demos, put insurance on tapes
A safeguard against the crusaders in capes
If I double down they say the Gods are sharks
If we win against the house they thought the cards was marked
We draw hit after hit from a royal flush menu
While the dealer promoted the full house venue
A spade in the club with the heart to wear diamonds
The high roller who got credit upon signin
They look puzzled when I shuffle, most of 'em stunned by thehustle
Recourse of bluff game's your muscle'
'We were at the same table when the chips were checked'-the table is a metaphor for the stage and the chips are a metaphor for microphones. GZA is setting the scene for a rap battle or performance on stage.
'A gamblin +Rebel+ who +Inspects+ the +Deck+'a play on words referencing the rapper Inspectah Deck aka Rebel INS
'Just when you thought we would fold our hand'-metaphor for Wu-Tang giving up
'Against all odds we raised the bet like we changed the plans'-shows that Wu-Tang are entering back into he rap game even though no one expected this.
'It was live on air but in between station breaks'-a double entendre. live on air can mean a live radio show or a live television performance. Station break can mean a radio break or a break in a game of poker. So either in a break of a a poker game on live television (if you look back to the first line the set was a stage so the poker game could be Wu-Tang live on stage). Or either a break in a live radio show.
'I was holdin a pair and just made the table stakes'-Holding a pair is a metaphor for holding a microphone. When he says hes just made the table stakes it's a metaphor for him just started rapping.
'Split the demos, put insurance on tapes'-A double entendre. split the demos can mean split up demo tapes between people or a demo is also known as a recording so it can mean split up the recording video of a cctv video. Put insurance on tapes can mean make sure the demo tapes are backed up in case somethings goes wrong with them. Or it can mean make a copy of cctv tapes. Also in blackjack insurance is a bet made after the deal, which pays off if the dealer has blackjack. So this line can either mean Wu-Tang should back up demo tapes and split them ou between people or people should keep watch on Wu-Tang with CCTV cameras and should analyze these video and bck them up.
'A safeguard against the crusaders in cape-a safeguard refers to the previous line. Probably about keeping watch on Wu-Tang with CCTV cameras so they can make sure they dont cheat. Wu-Tang are crusaders in capes because they're the Supermen of this rap shit.
'If I double down they say the Gods are shark-If Wu-Tang back down they're called sharks because sharks bite. In other words Wu-Tang are biters.
'If we win against the house they thought the cards was marked'-If Wu-Tang win people will say they cheated
'We draw hit after hit from a royal flush menu'-Draw hit after hit means Wu-Tang keep winning against there opponents in this rap battle. this line also means Wu-Tang are ordering food off a very good menu. Royal Flush is also a poker hand.
'While the dealer promoted the full house venue'-The dealer is both a dealer of cards in poker and a waiter who deals food in restaurants. Full house is another poker hand and is also a menu. The full house venue could also be bigger and better venues, stadiums, arenas etc Wu-Tang can perform at and the dealer is telling Wu-Tang to go to these places.
'A spade in the club with the heart to wear diamonds'-This line basicly means some inexperienced new rapper is tryin to show off all his jewellery in a club. Also notice how GZA names all four suits of cards in this line.
'The high roller who got credit upon signin'-A high roller is someone who gambles lots of money. But here it also means an artist making a lot of number 1 hits. Obviously some new rapper has got credit from just signing with a record label and making lots of number 1 hits.
'They look puzzled when I shuffle, most of 'em stunned by the hustle' by shuffle GZA means rap and by hustle he means lyrics or swag or style. hustle and shuffle are both gambling terms shuffling meaning to shuffle cards and hustle meaning to con someone.
'Recourse of bluff game's your muscle'-Recourse of bluff game means the new rapper was pretending to be bad or bluffing GZA with his bad lyrics. GZA is saying this is his muscle because it's his only way to look good. So basicly the new guy is pretending he did shit and didn't try so he won't embarrass himself. Bluff game is also a gambling term.