Ridiculous ebonic slang gone overboard. A mutation of a mutation. i.e. "off the hook" and all of the -izzle nonsense combined to make a new and extraordinarily retarded phrase.
A mild example of this sort of double mutation would be like coining the word "Wazzigga" to mean "Whazzup, Nigga?"
Dumbass1: Yo, Wazzigga!?
(Hello there. What is up, my friend?)
Dumbass2: You're Off the Heezie Phascheezie!
(I love you.)
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