Leprechaun: In the Hood (2000)

To pay for the creation of their demo album, Butch, Postmaster P, and Stray Bullet burglarize the studio of a nearby hip-hop mogul. Unbeknownst to them, they steal a magical flute during the course of the crime, and they think that this flute holds the secret to Mack Daddy's prosperity.

Their engagements become (get more info) 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.