A DIY turbocharger setup done as cheaply as possible. These setups usually make impressive numbers, but are unreliable and questionable. The word comes from ghetto meaning cheap and sketchy and charger meaning turbocharger.
Person 1: I'm gonna boost the miata
Person 2: You're really going to dump 5k into that raggedy-ass car?
Person 1: Nah I'm doing a ghettocharger, I can get it done for $600