Pronounced "fat" - means, cool, good-looking, hot or tempting e.g. "Catherine Zeta-Jones is really phat"
(Jargon Rating= 2) A very cool ski. Not to be confused with a "fat ski" which is one that has eaten too many pies.
Cool. Nifty. The shiz, the biz or da bomb.
Phat (William Robert Reilly, AKA "Billy-Bob") is a fictional character, a mutant in the Marvel Universe. He was created by Peter Milligan and Mike Allred in X-Force vol. 1 #117 (2001). Phat's mutant power is the ability to stretch the fat deposits in his body, making his body longer and fatter.