I think, this is what Spamton is saying from his lowercase identity (u know what I meant), describing how during a call he became different - became a BIG SHOT.

"HEY YOU WHAT THE.." can be describing how suddenly during a call he got the [silly strings] [[lol]]. The second time it is used, is before the part of the track with sample from "Dummy". Or, it can be GASTER during the fight, who is always watching, and pulls the strings of Spamton to silence him. Music storytelling is a thing if it is Toby Fox. :D

And btw, the Bitcrusher FX used for Spamton voice is different during his hidden telling (this thread is about), to his phrase's about "NOW'S YOUR CHANCE TO BE A [[BIG SHOT]]". This might be a clue to which part of Spamton is speaking. Right, Toby!?? ( ಠ ͜ʖಠ)