I am a Taiwanese, this song is really famous when I was a child. :)
In here 算什么 is a phrase to disparage something. The complete usage of 算什么 is 算是什么.
(算=>算是)
算是 can represent is (a member of) something.(but not so sure or you're telling someone who may not know this.) in English.
For example,
不要這樣捉弄他，這算是一種霸凌 => Don't make fun of him like that, it could be a kind of bully.
A: 王八蛋算是一種髒話嗎? => Is dickhead a swear?
B: 當然算! => Of course, it is!
As I said before, this phrase is going to disparage someone. The main idea of disparaging came from "什么"
Generally, 什么 can treat as "What". But 什么 also have a negative meaning when you use 什么 to describe a person, which represents nothing. So never use 什么 to a person.(Unless he/she is a d-word in above example.)
Example for negative meaning of 什么,
你以為你算什麼東西? => Who do you thing you are?
(English is more rational when blaming someone, at least calling that one as a human. In Chinese, they don't even treat you as a human kind)
Since 林志玲 and 侯佩岑 are beautiful. And MC Hotdog wants to emphasis that how he loves 台妹, so he says that all he loves is 台妹 despite there comes a real beauty.
So, all this sentence(对我来说，林志玲算什么) is saying is To me, 林志玲 is nothing.(compare with 台妹)
