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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."
by harpdaddio November 15, 2005
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