A woman who looks incredibly tasty when one is pissed at 2 in the morning, but the thought of whom turns one's stomach in the sober light of day.

An attractive person eating a kebab

In the same vein as a late night street kebab (kabab, kebob, kabob, etc..) sounds so delicious when you're drunk that you eat one only to wake-up the next morning feeling ill...a kebabe is a chick who you pick-up at night after leaving the bars thinking she's a a good idea...only to be sick the next morning when you wake-up next to her.
Most often used in England, S. Africa or Australia