1.) The ability to criticise someone and have them laugh about it; see also oblivious
2.) Humour that soars over the heads of your less intellectual friends
3.) Cutting sarcasm cleverly masked as a lighthearted joke; the epitome of Oscar Wilde
John: "Sometimes I wish I could think like you do, it must be fascinating"
Jason: "Was that dry wit?"
John: "Of course not, I truly admire your intellect!"
Jason: "Oh. cool."