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1.
prolific ammounts of dog excrement found in U.K. Estates.
Driver - "oi bruv, you better be careful not to step in any ghetto butter as you get out the car"

Passenger - "cos we in the ghetto?"

Driver - "'zakly"
by wigwams May 23, 2004
 
2.
Any type of peanut-butter that is not name-brand, or is received from the food bank.
Girl: Is that Ghettobutter?
Boy: Yeah, my mom got it from the food bank.
by midnightinspirations September 01, 2010