Last Shot Hot 

When an otherwise unattractive or downright ugly woman appears to be attractive because she is the last resort, or "last shot" a man has at engaging in intercourse for that particular evening.

Another interpretation is that the woman appears attractive only after the man has had "one last shot" of alcohol.

It was last call at the bar, and Duane had yet to find a woman at the bar to go home with. In his drunken desperation, the overweight 40-something brunette with a missing front tooth appeared attractive to him. After talking her up and taking her home for coitus, Duane awoke the next morning to her hideous visage, and found that unfortunately, she was only Last Shot Hot.

Last Shot Hot by Poor Woobie March 12, 2008

Lastshot Hot 

The alcohol induced phenomonon in which someone unattractive appears very hot after downing your last shot

When I first saw her I thought she was ugly, but at the end of the night she looked lastshot hot.

Lastshot Hot by weedfreak September 23, 2011