шмали = Шмаль = drugs
фраер= its a tough one. As far as i know a фраер is the english equivlant to a "poser", my russian friend described it to me in russian as A guy who looks important, tries to have all this stuff, but if you know him personally hes a nobody.
жую тесто = I think the word is actually Песто (Pesto?) Жую from жрать = To scarf down, eat like an animal, stuff your face.
папик = папа
кипишь= Ado, happenings, goings ons. Летний кипишь - Summer stuff, stuff that goes on in summer.
хате= from хата, from the last post, it means house.
рэпак= I don't know, Probly a Rapper, or a rap song, or something to do with rap.
ох..вали = Good call on the edit =)))