Celebrate the South. In order to rap like Lil Wayne, it is important to understand his origins. The hardships of unique culture of Southern Blacks are key references in Lil Wayne's lyrics.
Use a laid back flow. Machine gun rhyme delivery or thick East Coast accents are a far cry from the easy, slow drawl of Lil Wayne. Pretend to sit on a front porch and detail every aspect of the scene with a thick beat in the background.
Seek production from Birdman or any number of talented, young producers in the New Orleans area. The music plays a pivotal role in Lil Wayne's musical landscape. Wayne is very versatile, but his signature sound comes from the heart of the Black ghetto.
Become a mixtape fiend. Although there is a signature sound associated with Lil Wayne's sound, he is also known for his ability to rap over anyone's beats and make them his own. Take the laid back style mentioned in earlier steps and rap to popular East Coast, West Coast or Midwest beat. This will surely garner comparison to the lyricist that is Lil Wayne.