I've been trying to translate, but the kids mumble a lot. I did make out a line about "there's my momma and her big white ass," another line that goes "my name is Rio, I'd like to take a train/and run your ass over cuz I think you're a pain." The "faggot" line appears to be: "I looked in a tree, what did I see? I saw a big faggot trying to pee on me! So I picked up a rock, and hit him in the head." (At the word "head," the video shows the boys throwing a rock at a picture of a rooster held over the "faggot's" crotch, so it's pretty obvious what word was exchanged there).