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1.
It means underwear, it's a word that Moka Only made up on the song "Team Work".
"I put 25 full years under my velt/I got my ladys love restin right under my velt/(Yo moka whats velt?) That's my underwear get it/I'm known to make up words so people don't sweat it
by Pseudo IntILLectual July 14, 2009
 
2.
underwear; briefs; one's pelvic undergarment
My girl just bought me a fresh pair of velts!
by technics_speak October 21, 2005
 
3.
The house, crib, or pad.
"Hey what choo doin"?
"Ah nuthin just chillin at the velt"
by lechugasan November 17, 2007