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1.
A term used by older people that has a totally different meaning according to todays youth. Terms can also be heard being used by sports people on TV. The word was used in the TV show Archer.
Dad: Are you guys gonna hook up with your friends before the party (father means to meet up with)
Daughter: Dad, phrasing!

TV Sports Guy: Mark Sanchez hooked up with Braylon Edwards in the endzone for another Jets Touchdown.

Malory Archer: (arguing over the phone with Len Trexler) You wanna play me hard?
Sterling Archer: Phrasing.
Malory Archer: Well, then, you better nut up!
Sterling Archer: Phrasing!
Malory Archer: Because I've swallowed just about all I'm going to take from you!
Sterling Archer: Hey! Phrasing!

Mom: Are you guys making out just fine?
Son: Phrasing
by metsrule08 January 02, 2011
 
2.
An exclamation and/or warning given to another over the unintended sexual innuendo of an otherwise innocent phrase.

Commonly heard by various characters on the animated FX television series, "Archer".
"You wanna play me hard?" "Phrasing." "Well, then you better nut up!" "Phrasing!" "I've swallowed just about as much as I can take from you!" "PHRASING!!"
by Fortyseven April 12, 2013