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."