THROW= If you throw your hands up in the air, you put your hands high up quickly, with an energetic movement.

AYO= (coll. AmE) It's a merging of "Hey, Yo!", two colloquial greetings put together. It is mainly used when addressing an individual in any given situation to get his or her attention.

GOTTA LET GO= I have to relax.

WANNA= (coll.) Want to.

CELEBRATE= To party and have fun (esp. to commemorate something like a victory, a birthday, etc.). To celebrate life is to be happy and have fun just because you love life.

I HIT THE FLOOR= (coll.) If you hit a place, you go there. The floor here refers to the dance floor.

'CAUSE= (coll.) Because (also spelled COZ in BrE and CUZ in AmE)

THAT'S MY PLANS= It should be "those are my plans" or "that's my plan". The author was probably thinking of "my plans" as a package, as one thing, so he uses a singular verb (informal English can be much more flexible, but standard English would consider this a mistake).

BRANDS= A trademark or distinctive name identifying a product or a manufacturer. Famous brands in clothing are: Levis, G-Star, Lacoste...

FOR BOTH MY HANDS= For my two hands.

IT GOES ON= It continues. The form "it goes on and on and on" is emphatic, so it means "it never stops".

GON'= (coll.) gonna = be going to
- We gon' rock this club = We're going to rock this disco (we're going to party wilder than anyone else)
- We gon' go all night = We're going to be dancing all night long
- We gon' light it up = We're going to bring fun to it

ROCK= (coll.) If you rock a place you agitate it, you cause a commotion there, in this case because you party and dance so much and good that everybody gets overexcited about you.

CLUB= Disco.

WE GON' GO ALL NIGHT= We're going to continue (partying) all night long.

LIGHT IT UP= If you light something up, you put fire to it so it starts burning. The song says "we gon' light it up like it's dynamite", it means: we're going to make it burn just as you make dynamite burn and it explodes". To make the club explode means to start a wild party, to have great fun.

LIKE= The word "like" may be a verb or a preposition, but here it is used as a conjunction, which happens a lot in informal English, especially in America. -Preposition: You are beautiful like the moon
-Conjunction: You look tired like you have been working all day
The standard construction would be using the conjunction "AS IF"
- You look tired as if you had been working all day
In the song we can see several constructions with LIKE as a connector:
- I'm gonna take it all like I'm gonna be the last one standing
- Higher over all like I'm gonna be the last one landing
- We gon' light it up like it's dynamite
All these sentences would be in standard English AS IF + past:
- We gon' light it up like it's dynamite = We're going to light it up as if it were dynamite.

TOLD YOU= /təʊldʒu:/ Notice the assimilation /d+j=dʒ/

MOVE= The "perfect" pronunciation of this word is /mu:v/, but in England the vowel /u:/ is slowly becoming a diphthong, so it is commonly pronounced like Taio says here, something similar to /məʊ:v/ with a very soft /ə/.

MY CREW= (informal) My friends.

GONNA= (coll.) Going to.

PUT YOUR= /pʊtʃɔ:/ And here we have another very common assimilation /t+j=tʃ/

So here are the 4 most common assimilations in English, all using the sound /j/ (sound found mainly in the spelling Y, I and the beginning of U):

 1- T+Y= CH / t+j=tʃ / Put you, future  
 2- D+Y= j  / d+j=dʒ / Soldier, loved you 
 3- S+Y= SH / s+j=ʃ /  Sugar, issue, fax you              
(4- Z+Y       / z+j=ʒ /  Pleasure)