1. cool
2. Pretty Hot And Tempting

Phat does mean Pretty Hot And Tempting, like the other definitions say. The problem with "phat" is that it is no longer in really. It has kind of phased out and is mostly used by wannabes, lowerclassmen in high school, or middle schoolers. It is now considered a slang faux pas. I wouldn't use it if I was you.

A stupid word.
Stop using it.

A word used by white suburban kids who think they are gangster to describe something "cool"/stupid and used to describe how "gangsta"/gaudy their wigger friend's ricer is.

In the 80s, an 18 year old inner-city black kid from Richmond, Virginia told me that it stood for "Pussy, Hips, Ass, Tits", And he told me this around 1985. So that word is AT LEAST 27 years old. True Story. Just thought I'd share with you.

1. cool.
2. pretty hot and tempting.

means for men to call a woman fat without the consequences of death or severe pain.