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.
14 year old: "That's phat man."
22 year old: "Um, dude, that word got old in the late '90s"
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