The ad is a clever portrayal of young white boys pretending to have grown up in the "hood" and acting like the archetypal rappers but not quite cutting it. The big clothes, big car and bling bling is made all the more transparent by their bad ass rapping.
We then cut to the real "rappers" leaning on their graffiti turf looking big, mean and smooth whilst checking the pseudos out and having a chuckle at them with Sprite's payoff line "See through it".
Download and view the ad (2.8 MB Apple QuickTime)