1- That looks the case for the Kenji song, as you've said a lot of songs on that record are titled "Drop"
2- It says "CD Rap Up", not "CO Rap Up", anyway, It most probably means Featuing 007 as you've pointed out and CD Rap Up is the label, but the desing of the back cover isnt consistent on that one. It wouldn't make much sense for the song name to be that long anyway. I guess we can end up with Xero ft 007 - Fiends.