This episode appears to be based on the 2002 Jason William Mizell (a.k.a. Jam Master Jay) shooting case.
Given that the victim is believed to be based on the shooting death of Jam Master Jay of Run-D.M.C., the line that RC Flex "rocked until he sold out and made that record with that grunge band" is far more likely to be a reference to the collaboration of Run DMC with Aerosmith.