It's just the Ebonics usage of the word "wretched". Ratchet is also used as a euphemism for "hand gun".
Has this word made it to rap lyrics yet ?
Yes - alot.
LL Cool J:
I’mma get my (can I have some cash?)
It’s time to get rid of yo ratchet ***
I’mma get my (and where the money for gas?)
I...