When you are on the phone with a friend and they say something and you hear a totally different thing, usually making absolutely no sense what-so-ever!.
John: I think my dogs need grooming.
Mike: You dogs knee is blooming? WTF?
John: I think you have phonelexia!
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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.