"Hold It Now, Hit It" is a single off "Licensed to Ill".

The beat produced by Rick Rubin and samples a few funk/jazz/hip hop songs.

Hip Hop samples used:

The "Hold It Now" is sampled from Kurtis Blow's "Christmas Rappin'":

The "Hit It" is sampled from "La Di Da Di" by Doug E. Fresh And The Get Fresh Crew (featuring M.C. Ricky D AKA Slick Rick) -

More samples:

"Hey Leroy, Your Mama's Callin' You" by Jimmy Castor:

"Drop the Bomb" by Trouble Funk:

Trouble Funk's "Let's Get Small":

Kool & The Gang's "Funky Stuff":

Bob James - "Take Me to the Mardi Gras":