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Yes it is a also used as common slang.
Tu eres rico papi! /
rica mami! means "You are sexy!"
Example: In English, you may hear someone say "that's cool" referring to something they like or agree with. They don't literally mean that whatever they are talking about is "icy to the touch."
Rico/a = can mean:
Good Quality/ Consistency
Depending on the context, and maybe where you hail from. But my Latin American friends have all used the word as the slang term for Hot/Sexy too.
I don't know about in Spain, though, or all Spanish speaking countries. I am only going off the people I know that use it this way..
My Spanish teacher (from Peru) uses "Que rico" quite often. There is no food in the classroom. Sometimes it almost seems like she uses it interchangeably with Que bonita. It's seems like an idiom such as "Top of the line" or "Very classy" to me. And to reinforce what Monolithic wrote, I just spoke with a Colombiana last week who used Que rico several times in conversation.