A metaphorical reference to the entire workings of a gang. As gangs are generally groups of people involved in illegal activities designed to procure money and power, the term "ghetto pirate ship" refers to the entirety of the gang.
The term is often used by gang leaders who want to appear to be intelligent and have a grasp of literature or the outside world. By using the term, gang leaders inspire their "less worldly" troops by inciting imagery of swashbuckling bandits who scour the high seas for gold.
Due to the high level of violence and lack of dental care in the ghetto, many gang members wear eye patches and have gold teeth, which makes them similar to pirates in many ways.
Enter Mambo (leader of the gang):
-Mambo appears before a group of gang members who are paying their final respects to their homie, Cheeto, who got fucked up by a crackhead robbing the liquor store-
I have gathered you all here today on this motherfucking somber occasion to pour a forty on the curb for our brothah in arms, Cheeto.
Everyone raise yo' forty. To Cheeto! He lived as he died - a member of our motherfucking ghetto pirate ship.
(cheers arise, the smell of fried chicken fills the air)
Now, let's lay this motherfucker to rest and have some BBQ. And Tre, keep yo' motherfucking filthy hands out of Cheeto's mouth. Those gold fillings are mine. You hear me, motherfucker?