you live in the ghetto yet you are alwaysseen with the latest of errthang
standing at the bus stop decked out in name brand clothes and shoes, fresh hair and nails, talking on a cell phone, gold or platinum grill, iced-out wrists, fingers, ears, and neck, with a big, colorful unbeweavable hairstyle...now that's ghettofabulous!!!
Adding a high-class or 'bling' element to something that is naturally low-class (or vice versa). Derived by combining ghetto and fabulous. Is usually used in a sarcastic manner, although can simultaneously connote a small amount of respect.
"Check out that beat-up '88 Honda Civic with neon running lights and rotating hub caps. That's ghettabulous."
"I can't wait to get a ambient light plasma screen TV and crystal chandelier to add to my trailer home. It'll be ghettabulous."
"Does this Gucci purse match my tooth cap?" "Absolutely, you look ghettabulous."