Word used to describe something that is bad, crappy or just generally low-quality. The estute reader will notice that it is just a French-ed up version of "ghetto" used to make something sub-par sound better than it actually is.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.