The above is one of the phrases of my childhood, of which there were many, mostly picked up and quoted by my father until the rest of us started employing them, too. This one is particularly quintessential, because it is somewhat rhythmic, repeatable, private-joke-able and contains a really terrible pun. My brother and I picked up the pun skilz. My mother deplores them.
Anyway, I thought of this out of the blue today because what I was really contemplating was the much shorter phrase, "I see." I would like to posit that it does not mean what it sounds like it means.
I think what "I see" is supposed to mean, or supposed to sound like it means, is something along the lines of, "Oh, I get it. I understand." It sounds a little formal or old-fashioned, so maybe leave out the "I get it" part. The thing is, some people still use this phrase, and the ones I know who do, almost never mean, "I understand" or "that makes sense." Or if they do, they don't sound like it.
When someone asks me a question and I answer and explain my answer and they follow up with "I see," they might just be making "I was listening even though I really wasn't" noises. Or they might (which is often the impression I get) actually be meaning something along the lines of "That's a silly idea, Jenn," or "Okayyyy . . . ?" or "I really disagree with that course of action but you seem set on it and I don't feel like arguing, so do as you like, I guess."
Really, I feel that "I see" fits into the category of Ambiguous Listening Noises, kind of like the ever-useful word, "Interesting." Sometimes the one being listened to might call you out when you use one of these stock Noises, but it's generally safer and more socially acceptable to just kind of take a mental note, if one wishes, and leave it at that. Or you could just write a blogpost about it.