Yes. This:
… and then you can make your own siphon
literally means this:
… then you can make a siphon which will be your own
And it suggests very strongly that you will make the siphon by yourself—in other words, that you will make the siphon on your own. It really just means the same as:
… and then you can make a siphon.
Here's what's going on.
"Your own X" means the same as "Your X"; the word "own" just adds emphasis. For example, if you save enough money, you could own your own car—as opposed to driving a company car, using taxis, etc.
To do an activity on your own means to do the activity by yourself, or at least without the usual kind of supervision or guidance. There's no noun after "own". For example, you can learn English on your own instead of taking a class. "On your own" is different from "your own X".
When you "make your own X", the literal meaning is that you make an X, which naturally is your X. Whatever you make, normally it belongs to you, since you made it. And since you made it, you probably made it by yourself. So, "your own" is redundant. The extra phrase "your own" emphasizes you, separate from other people. This emphasis on you suggests strongly that you will make the object using amateur methods, as opposed to purchasing it from a manufacturer or hiring a professional to make it for you.
"Make your own siphon" is slightly playful, since (I think) most siphons are made from whatever materials are at hand, not bought from manufacturers. Normally, people say "make your own X" when talking about how to make something that's usually made in factories. For example, here is a book titled Make Your Own Electric Guitar. Since electric guitars are normally made only by professionals, the title of the book clearly means that it provides instructions for an amateur to make an electric guitar.
The short song is about being on drugs, getting wasted
The refrain
We were born to be wasted
is reflected in the last two lines
Ain't worth livin'
If you can't get your kicks
kicks = have fun and often means taking a recreational drug of choice
The song is referring to many things happening in the world and around the listener
Mind on fire means having one's mind in an altered state of consciousness, possibly thinking too fast, or having too many thoughts at once. These states are usually drug induced
It may be an allusion to Born To Be Wild by Steppenwolf where there is a similar listing of things happening around the listener.
Best Answer
"It's not worth it, spending money on this thing" is fine, but you can remove the redundant second "it".
As you guess, you don't have to use "spend". You can simply say:
Examples: