Ute rhymes with beaut as in, "Look at that ute, she's a beaut." It also rhymes with cute, but don't go telling a bloke his ute is cute. It would be a real blow to his blokehood.
A ute is a utility truck, standard operating equipment in the country. It's like a van without a solid cover over the carrying compartment, though sometimes a tarpaulin is secured across it. However, when a yuppy purchases a 4WD ute it is known as a "Toorak Tractor". Toorak tractors are recognisable by their distinct lack of mud and the shiny chrome bumper bars. They are so called because Toorak Road is an area where Melbourne yuppies hang out and impress one another with their refined blokehood by driving their gleaming utes up and down the street.