French term refering to the extravagant and often absurd and impractically unrealistic fashion pieces that designers create to demonstrate their unique style and inventiveness.
Proper pronunciation can be tricky; haute is somewhere between ought and oat, pronounced quickly so that the o is highly unrounded ("oh", if held long enough, ends up sounding like a /oo/). couture is pronounced ko'tur with a highly unrounded 'o', a 'u' that sounds almost like a german umlaut, and an 'r' made in a way similar to gargling.
Alternatively, you could pronounce it in a very American fashion as 'ought kuh-ter'.
See also: couture
You can find plenty of haute couture in Parisian shops.