Khabs according to Budge's dictionary translates into "Star". When compared to Liber Al Vel Legis (1:3) "Every man and every woman is a star." This would define Khabs as the identity of our physical self.
Liber Al Vel Legis (1:8) "The Khabs is in the Khu, not the Khu in the Khabs." Perhaps this is suggesting that the body is of the soul, not that the soul is of the body. Although the body is generally seen as the vehicle of the soul, this statement would be suggesting that the soul is the vehicle of the body.
Liber Al Vel Legis (1:9)"Worship then the Khabs, and behold my light shed over you!"
Sources: Budge's Dictionary - Liber Al Vel Legis