you mean both ways? actually yes it does. Newb wordplay uses simply words that are from the context of the punch, but REAL clever wordplay works in both possible meanings, ask any of the vets

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Fee Fi Fo Fum, now bitch I'm a giant
And your ass is like Jack, but your magic beans is wack
Skills is what you lack
I'm like a Benz, you ain't even like a Cadillac
Ya more like a Reagal
I'm a pittbull and you's a beagel