What is a Ladyboy, anyway?' some might say, but if you have been to Thailand before the chances are you already know the answer. Whether it’s from watching the extravagant dancing beauties in a cabaret show or even from a personal encounter, a ladyboy has many different names and guises: katoey, transgender, transvestite or cross-dresser - someone who is so feminine on every level that it becomes almost impossible to differentiate a ladyboy from a real girl. Of course, we don’t mean the obviously masculine-looking ones but the really pretty ones; those who work for airlines, at cosmetic counters in upmarket shopping malls, as stars of cabaret shows or even television celebrities.

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http://www.bangkok.com/magazine/ladyboys.htm