I would imagine this is the phrase of someone telling you they are infact asleep when you walk in an disrupt them.
1) Floyd walks in and says what tha fuck is up Cam
2) Cam say Bitch...I'm Sleep!
I would imagine thats how it goes down
Other uses would include
Bitch i'm sleepin...
or Bitch i am infact Sleep, as a noun not a verb...not sure how that would work.
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