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1.
1.) A phrase used to signify that whatever has just been said is untrue and/or an insult to someone/something.

2.) A phrase commonly used in a humorous fashion as a way to deny an accusation.
1.) So (insert politician's name) promises to lower our taxes, improve healthcare, and protect our Constitutional rights? Lies and slander!

2.) Suzy: "Did you eat the last piece of pie?"
Pete: (w/ crumbs on face) "Lies and slander!"
by Comrade Sami November 11, 2008
 
2.
Something you say to statements that are false with the intent of harming your good name, or further damaging you already bad name
A: I heard you slept with that fat girl Carol

B: Lies And Slander

A: So you didn't?

B: No.
by NewEspi September 24, 2008