Phrase commonly used when an awkward, usually quiet, situation arises between you and a lady/man friend, in an attempt to lighten the mood with laughter. Can be used via text or mouth, depending on the awkward scenario encountered.
Girl: omg it's so hot today..
Boy: you're so hot today ;)
Girl: (no response for a while)
Boy: sorry, bold move.
Girl: (immediate response) hahaha it's alright!