According to the Diplomats of Texas A&M University, this phrase refers to a female who has the potential of giving male oral pleasure or vice versa.
Hey yo, lil' mamma, uh, iz you talkin' 'bout it ?
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according to recording group, Trillville, this phrase means, "How's it going", "How are you", "What is your telephone number so we can converse", "Are you in a relationship", etc.
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