The reference is almost certainly to an E-mu SP-12—which Wikipedia refers to as a "sampling drum computer." As the Wikipedia article on the SP-12 notes,
The name SP-12 stands for sampling percussion at twelve bits, demonstrating the power of the sampler. The E-mu SP-12 is credited with helping usher in the era of digital sampling by being one of the first digital samplers in production, and allowing musicians to take digital sampling in a completely different direction.
Drum samples provide the backing percussion and beats for many songs—rap and otherwise. Rappin 4-Tay credits the SP-12—a vintage machine from 1985–1986—for making "the beats that you hear [come] real tight."
I also suspect that the "hoe named Real de Real" is actually named "Reel-to-Reel," a reference to old-school reel-to-reel audiotape used in recording and sampling.
Followup: The Wikipedia article confirms my surmises above in a comment in the "Trivia" section of the entry for "E-mu SP-12":
The Beastie Boys reference the SP-12 in their song "Putting Shame In Your Game" from their 1998 album Hello Nasty with the line, "Well I'm the Benihana chef on the SP12." Rappin 4 Tay in Players Club (1994) says "I gotta ho named reel-to-reel, she got a buddy named SP-12, now you know the deal." Young MC raps in the song Album Filler (1991) "It's just me, a mic, and an SP-12."