What does " not slumming it in a pit" mean here(of course if I heard it right.)
It's somewhere around 1:10.
'Slumming it' means to behave and dress as the people do in a slum. 'In a pit' is probably just a derogatory moniker for the places that the person that is talked at usually works in.
As the soundbite is referring to Wrestling, it seems appropriate to post Urban Dictionary links: https://www.urbandictionary.com/define.php?term=slumming
The soundbite could thus be translated to: 'You are below my status, please dress and act so as not to embarrass me' (said in an obvious attempt to engender controversy and incite drama, which is rote for any in-character Wrestling lines)