The act of impersonating a Caucasian is called "passing for white" or simply "passing". Light-skinned blacks or Latinos may have engaged in this activity (especially in pre-1960's America) in order to obtain privileges available only to those of the honkey persuasion.
To "take it out in trade" means being owed money and receiving some sort of a service in exchange. Usually refers to sex, i.e., a pimp engaging in sexual activity with a hooker who didn't earn her daily quota.
That bitch couldn't pay for the home network installation, so I took it out in trade.