The story behind this clip is that Phoenix Suns centre Shaquille O'Neal took the stage at a New York nightclub on June 22 to freestyle some rhymes to crow about his former team, the Los Angeles Lakers, having lost the NBA championship. He had particularly colorful words for Lakers shooting guard Kobe Bryant.
For the benefit of those who don't follow sports/hip-hop crossovers, it should be noted that Shaq is no stranger to the rap game, having released five albums to date. However, this hardly gives the guy the right to declare himself the new B.I.G., as he seems to do in the above clip.