Satchmo is the nickname for Louis Armstrong, the famous jazz musician who played the trumpet. "Noodle" may be a slang term for trumpet. However, even if it was, I would be wary of translating it literally, as the speaker may be implying something completely different (not "I will pay him to play the trumpet like Louis Armstrong).

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Note added at 20 mins (2009-02-26 10:09:59 GMT)
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Hmm... if you look for the words "blowing your noodle" in this film review http://www.screenit.com/movies/2008/miracle_at_st_anna.html you'll find that it's listed as one example of offensive language which makes the film inappropriate for children!

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Note added at 8 hrs (2009-02-26 18:39:57 GMT)
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Ok, I have an idea what this may mean, but I'm not going to suggest an Arabic translation. "Forty Deuce" is a famous Los Angeles nightclub (Forty Deuce is a classic Los Angeles nightspot ...
www.virginmedia.com/travel/destinations/features/las-vegas-...

Your sentence says: "I'll pay Hong Kong Sue over on Forty Deuce to blow your noodle like Satchmo."
He means he's prepared to pay one of the Forty Deuce girls (called Hong Kong Sue) money to give the other man a very special sexual experience.

(I hope I don't need to clarify further)