Hidden within the S.A.T. is a secret test that studies not a girl's reading or mathematics skill, but her potential to perform duties within the realm of espionage, like deception, physical combat and if needed, murder. Those who score high enough on this secret scale are recruited to join a secret academy where they will be trained to become spies in a paramilitary group they call... D.E.B.S.So, while I'd imagine D.E.B.S. is meant to be a play on debutante, as far as I can tell, it's not even an acronym.
For an idea of how campy the movie is, check out the IMDB quotes page. The movie is rife with stereotypes and cliches (though I don't get the nympho Asian girl with the French accent). There's other silly lines about how love's hard, and crime's easy. (And later, the same line with war instead of crime.) The movie does have a following though.
Anyway, as campy and cheesy as the movie is, I actually found myself enjoying it and laughing at the absurdity. The eye candy probably doesn't hurt either.