From LEGO's minifigure series number 8 (Item: 8833), the DJ minifigure is holding an album or at the very least a 12" dance remix single called Hollywood Dawes
from DJ Rhuzky. Hollywood Dawes
might just be a cute misspelling of Hollywood Dolls, but might also be a reference to Lego design manager Laurence Dawes.
The minifigure's name is just "DJ"; he is not in fact the legendary DJ Rhuzky.
The type on the small 2 X 2 lego piece is barely legible, but according to http://www.bricklink.com the name is DJ Rhuzky.
The cover looks a lot like the logo of real band LMFAO.