A full-size American automobile, of 1970's or earlier manufacture, V-8 powered (usually a big-block at that) in fair-to-poor cosmetic condition, but generally still in good enough mechanical condition to go fast in a straight line. "Ghetto" refers to one of the vehicle's native environments and rough exterior, and "sled" to the way they ride low but smoothly, usually on worn out suspensions, and with numerous passengers.
Probably derived from the more general term "lead sled"
Quite arguably the opposite of a rice burner, as they are heavy, extremely durable, American built, tend to have more go than show.
"I cracked the exhaust on my ghetto sled, again."
"My Chrysler is becoming a damn ghetto sled."
"My BMW was wrecked by some asshole in a ghetto sled."