"lily" and "rose" are homonyms for "yuri and "bara" respectively. (Bara is a subgenre of yaoi) The first two are written in kanji and after that they are each written in hiragana.
 "fujoshi" literally means "rotten girl", a Japanese term for a yaoi fangirl, especially one who pairs together characters from stories without homosexual themes. As the song says, if one of the characters is changed, "fujoshi" can mean "fine lady".
 "nuko" is probably a corruption of "neko" here.
 Literally "ura nikki", this is a term often used for hidden parts of fanart/fanfiction sites where the webmaster keeps materials that are not appropriate for minors.
 Comiket is a famous doujin selling convention held biannually. Attendance is often around half a million people.
 A number code for "yaoi", 8 is read as "ya" and 1 as "i", with the 0 representing "o".
"Kusattemo tai" is an expression meaning something like "even if it's past its prime, it's still good".
Akiba is short for Akihabara, a famous district for otaku-related shopping.
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