PRONOUNCED: "SLICE-OF-HOM"
A slice of ham can be used in many various situations. One being: when seeing something you approve of (ie. typically an attractive male or female).
Male 1: "Aww have you seen her?"
Male 2: "Aye, she's a proper slice of ham!"
or
Female 1: "Thought I'd buy us a pizza for dinner!"
Female 2: "Aww! You slice of ham! Get it!"