That's the euphemism I just came up with a few hours ago. It's used to describe a record that sounds so awful that the only thing to do with it is put it in one of those Urban Outfitters record frames and hang it up. (This idea was stolen from Eti, who has been buying cheap albums at Amoeba just for the purpose of framing them.) The first record to fit this description is The Pretenders II. It's very disappointing because there are a lot of good songs on that album, including "Talk of the Town." Then again, you pay one dollar for a record, you take your chances. Actually, you take your chances with any of them. The $9 Boston album I'm listening to now doesn't sound anywhere near as good as the $3 Fleetwood Mac one I was listening to before.
This is why records are so much more fun than CDs. You never know what they're going to sound like.