Ghetto light means when you live on a street on the edge of the ghetto and in a semi-decent neighborhood. Best of both worlds some would say.
Person 1-Hey dude, what part of the hood you live at?
Person 2- I Iive in a ghetto light neighborhood.
When your too ghetto for an actual strobe light so you improvise and just blink alot really fast at a steady pace.
Person1: dude I heard your having a strobe light at your party"
Person2: "(laughs) I don't got enough money for that guess you'll just have to deal with a ghetto strobe light"