1. Used to describe kids from Alpharetta (or any other nice suburb) who like to pretend that they are from the ghetto, and therefore badass, when in reality they are spoiled, stupid brats. An Alphaghetto kid can be from any ethnicity (though they are usually black), so "Alphaghetto" is not simply another word for wigger.
2. A "bad" part of a nice suburb (merely meaning that there is not a Starbucks within a five feet radius).
"See that guy with fake bullet holes on his car? He is so Alphaghetto."