It's "Cycle Fenders" . . . pronounced like "Sickle." They were common on early roadster hotrods. They covered the front wheels like motorcycle fenders, and basically served as mud flaps. Without the fenders, they were open-wheeled in front (which was also common).
Today, car enthusiasts with this type of rod — who actaully drive their cars — often use a variant of cycle fenders to protect their multi-thousand-dollar paint jobs and bodywork from rocks and other road debris.
As for the line about the engine, I think the words are actually "three two pots" . . . or "three two-pots." Meaning three dual (or two-barrel) carburetors. The term "Pot" was early slang for carburetor.
