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 ;)
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.
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"