The act of flexing your index and middle fingers on each hand rapidly in the air while speaking to indicate "here's where the quote begins and ends." Particularly useful when conversing via phone and the other person can't see you doing it, such as:
When questioning someone's comment, yet feeling surprised and wanting to use 'sorry'. Often used when not having enough time to say "sorry, can you ask that question again".
An adjective describing speech, when what someone is saying starts to become more and more quotable. The actual quality of the "quotable" material is irrelevant. Along the same vein as preachy.