latchet is a word that can be used to define or describe anything that is a compartment or can be used for storage... so it pretty much can mean just about anything...
A slang term used to define a person of large size in a ghetto area (hence the term "larg" followed by the remaining "hetto". Note that the term does not necessarily define someone who is in fact ghetto themselves, as it is appropriate for anyone in a ghetto area.