There's Your Girlfriend! Edit Meaning

1.

Used as a joke to rip on friends when you see an ugly girl or old lady. substituting a family member for girlfrined is also very effective:

say to friend as you point to a homeless person on the street: "Hey, there's your cousin."

2.

This is said to a friend when you see any ugly slut or crack-whorewalking down the street.

Me: 'Theres your girlfriend!'

You: 'Shit, I got burnt.'

See Diego