It is a currently popular Internet slang in mainland China.
壕 => short for 土豪 noun => "local tyrant", someone who has much money.
壕/土豪 is used in a joking occasion, it doesn't mean the person it describes should actually have much money.
Example
A: 我昨天买到了iPhone 5S! I bought iPhone 5S yesterday!
B: 土豪土豪我们做朋友吧! Tuhao tuhao, let's make friends! (Note: A and B are already friends. That B says so is just to make fun. It is like another expression "你真有钱啊!". But it doesn't mean B really thinks A has much money.)
EDIT
百度百科【土豪】 has well summarized this word:
指“暴发户”。
It means "nouveau riche".
指网络上无脑消费的人,也可以引申到其他领域(网络游戏、电子设备、动漫ACG等)。如某网络游戏中的人民币玩家被称为“土豪”,有时也会简化为“壕”。
It means someone who spends money mindlessly on the Internet. And its meaning can extend to other areas ([mindlessly spending money on] online games, electrical devices, or Animation/Comic/Game etc). For example, in an online game, the P4W (pay-for-win) players are called 土豪, sometimes using the short form "壕".
用于讽刺那些有钱又很喜欢炫耀的人,尤其是通过装穷来炫耀自己有钱的人。该意义衍生出“土豪,我们做朋友吧”等句子。
It is used to satirize those who have much money but like showing off -- especially those showing off by pretending to be poor. For example, "土豪,我们做朋友吧".
土豪的思想境界文化水平一般都不高,知识面却异常宽泛,但都是了解皮毛之辈。
Generally, 土豪 have low ideological and educational level, but broad scope of knowledge.
有些人把比自己肯花钱的人都称之为“土豪”。
Some would call those who are more willing to spend money than themselves "土豪".
土豪说简单点就是很土的富豪。
In short, 土豪 is rustic but rich people.
As an Internet slang, 壕/土豪 is very informal and its definition cannot be rigorously stated. So it's better to use it only in spoken language or on the Internet.