"back when we had sly bacon, whoops I mean cunningham" - a reference to Randall Cunningham, a pro-bowl QB for the Philadelphia Eagles, also is an interesting play on words, sly bacon = cunning ham 

"right after jaws, and right before the running man"  - best guess is a reference to the previous line, Randall Cunningham was drafted in 1985, between Jaw's release date(1975) and when the Running Man(1986) dance was originate/made popular

"so much wit, prolly get it from cheese steaks" - everyone knows Philly cheese steaks are the best, order it "wiz wit" for extra cheese

"i been out all night, I just wanna sleep late, young crowd, old city" - just explaining how the night life in Philadelphia is always active with inspiring youth, even though its a city with some of the most history throughout America

"tell me where the party at, met the girl on south st" - South St is home to one of the busiest areas of Philadelphia, lit up with stores, restaurants, tourist locations, and events 

"cruisin down city ave, headin to the boulevard" - City Ave is another one of the busiest areas in Philadelphia, even bigger than South St. Over 130 shops and restaurants have businesses set up in this area, along with 2 universities

"coulda grabbed the El, but they told me that it wouldn't spark" - a reference to the blue line train, commonly called the "El" by natives, and spark could be referring to the Spark program that has its roots and HQ in Philadelphia, but I believe its more likely a continuation of the previous line, could grabbed the El could mean he could have smoked a blunt(El/L=blunts), but it wouldn't spark, which is funny because there is a brand of dutches used for rolling blunts called "Phillies"

"i feel like im in line for a ride, when im at tony lukes" - this man clearly loves his Philly Cheese steaks, which Tony Lukes is famous for making

"we could lose all the trees, but we still got the roots" - regardless of how Philly looks or is perceived, it will always be at the very roots of America

"plus we got beans, and an eve that doesnt opt for fruit" - basically saying we got money and faithful women

"green blood in the tube, if we need it transfused" - citizens in Philadelphia bleed green, the cities color, just like in New York(the original beat for this song was used for a NY song) they bleed blue

"when the mets come thru, you're gonna hear our fans boo" - the Mets and Phillies have a long standing rivalry in baseball, just like the Eagles and Giants/Jets do in football

"this the city of brotherly love" - The literal translation of Philadelphia is brotherly-love, which is why it's commonly used as the city's nickname, from songs to movies
 

Wooo, thanks Squishy. It was certainly interesting, I learned some new facts about Philly \o/