In the high pressure environment of tight deadlines and limited resources, I believe that having a sense of humor is a critical skill for all leaders, especially first time managers.  Each team has a unique personality based on the mix of individuals that make up the team. Inside jokes and humor can play an important role in team building. Thanks to Fayyaz Qazi for providing some translations for some of the more common phrases we've heard from our bosses but would never use with our own staff.

                Phrase                                               Translation

• You've done a great job!                   More work is coming your way
• We're working on it                          We haven't started working on it
• It's open for discussion                      I"ve already decided and will tell you what to do
• Let's call a meeting to discuss            I don't have time to talk to you now
• Don't let it affect your work              Take your laptop with you on vacation
• That's a very good question               I have no idea what you're talking about 

Add the best ones you've heard (or used) in the comments.