This statement is often used in place of "touché". However, "well played" shows more class. The proper use is when one has been defeated or has lost in a battle of words.
A: You realize that I just beat you at chess and in the argument about who would be a better president.

B: I know. Well played.
by BMWMUNK December 06, 2004
To have done something well. Often said while pretending to hold a monocle to the eye by making a circle with your fingers, or shaking the other persons hand. Usually said after being proved wrong. Originated in Pine Bush High School.
"Columbus sailed in 1490"
"Actually it was 1492"
"...well played.."
by fxdude123 October 13, 2011
Could be used in reply when somebody says something sexy or if you approve of something
Person 1: I'm doing my homework on my desk this time instead of on my my bed as usual
Person 2: Damn! I wish I was your your homework!
Person 1: Hahaha Well played ;)
by LazyDragonZapper November 27, 2011

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