Describes a woman that looks like a man who is dressed like a woman. In other words, this adjective describes an actual woman that could easily be mistaken for a transvestite.
Guy 1: "Yo man, is that chick a dude? I swear to god she looks like Danny Bonaduce wearing pantyhose and makeup."
Guy 2: "Naw dude, that's totally a chick, she just happens to be very transvestlike."
Guy 1: "I bet she's got a turkey dangler the size of my dad's work glove."
Guy 2: "LOL."