Here's a couple of comments about "Toasts":

"Toasts are probably the only living form of oral narrative poetry in the U.S.; they represent a vital genre of black folklore. They come from various sources: from street corners to jails and from barrooms to academic halls. Some are quite short, others run to 150 lines. Many scholars recognize toasts as the roots of the rap tradition, and many of the same themes of violence, sexuality, and boasting are found in both genres.

The toasts celebrate mythological figures from African-American culture, including the famed "bad man," Dolomite, and the famous exploits of the "Signifying Monkey," who outsmarts his stronger opponents in the forest by using his wits. Also included are stories of the loss of the Titanic, famed in black folklore because of its symbolic significance, representing the failure of the era's powerful white establishment, and including the (perhaps apocryphal) story that the ship's owner had refused to sell tickets to blacks, including prize fighter Jack Johnson."

Source: African-American Narrative Poetry from the Oral Tradition Bruce Jackson's Get YOUR ASS IN THE WATER AND SWIM LIKE ME: African-American Narrative Poetry from the Oral Tradition (Routledge; Paperback Reprint; ISBN: 0-415-96997-2; $19.95 [CAN $29.95 originally published in 1974

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"Toasting has been part of African American urban tradition since Reconstruction as part of a verbal art tradition, dating back to the griots of Africa. African American stories usually lauds the exploits of the clever and not entirely law-abiding trickster hero (not always human) who uses his wits to defeat his opponents.

Toasters continue the oral tradition by recounting the legends and myths of the community in venues ranging from street corner gatherings, bars, and community centers, to libraries and college campuses. As with oral traditions in general, and with other African American art forms as the blues, toasting uses a mixture of repetition and improvisation.

There are many versions of the most well known toasts, often conflicting in detail. Historically, the toast is very male- oriented, and many toasts contain profane or sexual language, although more family-oriented versions also exist.

Well known toasts include "Shine and the Titanic", "Dolemite", "Stack O Lee", and "Signifyin' Monkey"..."

Source: http://en.wikipedia.org/wiki/Toasting