Referring to when an ex-boyfriend, ex-girlfriend, or someone crazy person that you know calls, and you really shouldn't answer, but you do.
It means, making a big mistake.
'Tommy really picked up the phone last night when he dropped the ball during the big game'
'Man, that ugly girl in class said hi to me, and I really picked up the phone. Now she wont leave me alone'
'Stop picking up the phone, and move on!'
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