I don't think there's anything to understand there. There's a lot of nonsense in that piece.
The only part that almost makes sense is "raided the hullabaloo." If the hullabaloo was a bar or a strip club or whatever, cops could have raided it in the 60s. They did that a lot back then.
"rabbit ram kay remus. hard" could be a code phrase that he's speaking over the phone. I say that only because he later repeats it, which would suggest it was rehearsed. In the story.
Honestly, that piece is a load of horseshit if you ask me. Stop trying to figure it out and try to forget you ever read it. Or wait for someone smarter than me to explain it.
"now, actually," I told him, "it is easy to understand Camus if you follow me. a brukk, a banko, a sestina-vik, like that, a brilliant writer yes, but he sucked in.'
"sincerely," he said, putting his head, no his hand, on my knee. "I really can't tell you why they raided the hullabaloo."
"could Camus have?" I asked.
"raided the Hullabaloo."
"hell no !"
he came down through the laundry shoot and as he slid out, Maxfield hit him with an ax handle, breaking his neck, we went through his pockets. we had the wrong man. "ah, shit," Maxfield said.
"ah, shit," I said.
I went upstairs and phoned.
"rabbit ram kay remus. hard," I said.
"shoot bugger damn lame," Steinfelt said.
"spooks," I said, "spooks down tender."
"fuck you," said Steinfelt. he hung up.
as I walked in down there, Maxfield was going down on the dead corpse.
"I always suspected you," I told him.
"bugger bugger reeme," he lifted his mouth to speak.
"what's THAT got to do with it?" I asked.
"gluub," he said.