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?
A facebook account made by somebody different than the account's name (which is also a real person), usually to exploit the fact that this person doesn't have a facebook.
Jonny's AIM Status "nobody add my fakebook, Danny made it because he wants me to make my own account"