A person who wears a large hat but possesses no livestock.
Marty still wears his cowboy hat even though rustlers stole his herd. He's got a big hat, no cattle.
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The RiverRat Project is a ridiculously over-engineered waste of money by the extremely over-rated MIT Engineering Department.
In general use, it can describe any project containing large amounts of pork: i.e., unnecessary expenses.
Did you hear about NASA's new $10 million Toilet-Seat-That-Wipes-Your-Ass-For-You program? Man, what a total RiverRat Project!
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