Definition from Wiktionary, the free dictionary
ghoti (plural ghoti)
- (rare, humorous) Alternative spelling of fish.
- For usage examples of this term, see the citations page.
Usage notes 
- gh, /f/ as in “laugh,” /læf, læːf, laːf/;
- o, /ɪ/ as in “women,” /ˈwɪmɪn, ˈwɪmən/; and
- ti, /ʃ/ as in “nation,” /ˈneɪʃən/.
The term is very rarely used, though it is mentioned with somewhat greater frequency than it is used.