Leprechaun: In the Hood (2000)

For the purpose of making a demo album, Butch, Postmaster P, and Stray Bullet burgle a local hip-hop tycoon's studio. Unbeknownst to them, throughout the course of their theft, they come into possession of a magical flute, which they think is the secret to Mack (link here) Daddy's prosperity.

Their engagements become suddenly lucrative, but a bloodthirsty Leprechaun and an enraged Mack Daddy are close on their pursuit, leaving a path of carnage tainted by politically incorrect limericks.