Another way of saying "what the hell". It originates from the Chinese slang 什么鬼 and it is typically used to expressing shock.
Person #1: Sorry, but you're fired.
Person #2: What the ghost? I've contributed so much to your company...
Another form of wtf/what the hell
(English version of the most famous Chinese slang - "shenmegui", which literally means "what kind of ghost is that?".)
Liiiiiiiiiiiii Lei: Winnie The Pooh is banned.
Han Meimei: What The Ghost?!?!?!?!?!?!