When you no longer need to refer to someone by their last name. Usally used when 1. two enemies (particuarly Jocks) are trying to end a fight or if 2. an adult wants you to call them by their first name.
Draco Malfoy: Hey Harry Harry Potter: What so now we're on first name basis?
you: You have a beutiful house Mrs. Smith
Mrs. Smith: Call me Wanda.
You: Oookay that's a little strange
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).
Precedes or follows either a gratuitously disrespectful or honest remark, originated in New York City. Used in similar fashion to "no offense" or "to be honest," interchangeably.
Ya mans is wild buns, respectfully. Respectfully he's washed.
After school, The Modells on Jamaica Ave was active. Respectfully.