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1.
I was told phaff is “an old English term for taking an extraordinary amount of unnecessary time to do something, particularly when others are waiting on you.”

But it is actually a derivitive of the acronym for “Fucking Around Forever”!

see also: phaf or faf and phaffing or faffing
We were all psyched for the fresh pow and ready to go, but now were waiting for Jonny’s girlfriend while she phafs. She lost her lipstick or keys or something. Now the freshies will be gone!

Please stop phaffing Tracy… Grab your bag, let's go already! We are soooo late for the airport, hurry up!
door BritaJoy 14 april 2008
 
2.
An acronym for PantyHose And Feet - typically used in reference to fetish subjects about pantyhose and/or feet.
Man I'd love to see her PHAF.
door ChadTheFrog 7 juni 2009
 
3.
PHAF: when you can't decide if someone is PHAT, or FAT. So, it has BOTH the "PH" and the "F" in the one word.
Man, that chick if fat, and yet still phat.
She's fully phaf man.
door stirfriedemu 11 april 2011