This is the movie that brought "It's Hard Out There for a Pimp". I knew all the actors (some weren't normally actors) except the white girl.
The pimp has two of his girls out of commission and is only running the white one for almost pennies. He wants to rap, but he doesn't have any way in. He runs into an old friend who works in recording and they work out the song, plus others. The pimp dressed like a rapper and goes to a bar where a rapper he used to know was hanging out. He was sure he'd get his rap published, but that didn't happen and things fell apart.
I know that's not much for a two-hour movie, but that's the structure. The rest of it is scenery, language, violence, culture, etc. I really liked it.