Friendlationship(n) is a combination of the words 'friends' and 'relationship', used to describe a somewhat-platonic relationship that contains all the aspects of an actual romantic relationship, without any physical/sexual benefits. Basically, all the sacrifice but none of the gain. Often occurs when both people involved harbor some desire for the other, but neither is willing to take a chance and potentially ruin their friendship.
Guy 1: So is Jake hanging out with us tonight?
Guy 2: No man, he's hanging out with Vanessa again.
Guy 1: Man he's so whipped. What an idiot.
Guy 2: He needs to get out of that fucking friendlationship.
"Friendlationship" is a word that describes something more than friendship, but less than a dating relationship. My girlfriend, Angela, made it up about 4 months ago. It described the 'thing' between her and the person she wanted more with. However, the other person was too... whatever... to conceed to a relationship with Angela. Pretty much means there's courtship, but no one's ready to label it yet.
Ryan and Marie text or IM ALL the time, know each others' tentative schedules, and go to invisible on AIM so only they know the other is online - they're SO in a friendlationship.
When a friendship with someone evolves into something way more complicated -ship.
Dude, Abby came over last night and after kissing, it just fell into a friendlationship.
A friendship that is short lived and intense and that ultimately ends in a parting of ways. A friendship that feels like a realtionship.
"I used to hang out with Joe almost every day but now we hardly even talk."
"Sounds like a classic friendlationship."