Literally, "I can work with that" referring to the attractiveness of the subject being discussed. Typically someone who is ICWWT is not the first choice, but depending on circumstances they may be good enough, or all that the person saying it can
hope to get.
See also work
hot
Mary: What do you
think about Bob?
Susan: He's not the
hunk I hoped for, but I am looking to settle down, and as far as spending the rest of my
life with a guy, I guess he's ICWWT.