The title of Lil Wayne's Free Weezy Album refers to the rapper's wish to be released from his contract with Cash Money Records, following their alleged unwillingness to release Tha Carter V. This song is a thinly veiled attack on Cash Money and label boss Birdman.
The hook samples "I See Ghost (Ghost Gunfighters)" by the French duo As Animals.
Who writes a song about a name they found in a phone book? That's just one of the everyday things these guys find to sing about. Anything in their field of vision or general scope of knowledge is fair game. If you cross paths with them, so are you.