A woman (most often caucasian) that is not super hawt, nor is she hideously ugly, or fat.
Instead is rather ordinary, homely. Perhaps being 10-15 pounds overweight. Perhaps having excessive arm hair. Instead of a sharp female hourglass curve, she has a rather lax, lazy hourglass curve to her body.
Steve: "I wanna get with Lauren so bad..."
Eric: "Lauren? You got no chance. What about Amy? Amy wants your nutz."
Steve: "F-ck Amy."
Eric: "Amy's looks all right!"
Steve: "Yeah she looks ok, she's a typical moocow. I always get stuck with the moocows, though. Once in my life, I wanna hook up with a hawtie."
Eric: "You should be happy to get the moocows. Me, I only get the fuglies."