Meanings
quote + unquote, a spoken equivalent of air quotes, used to express satire, sarcasm, irony or euphemism, analogous to scare quotes in print.
How to pronounce "quote unquote":
Emphasizes the following, or sometimes preceding, word or phrase for irony or marks it as not the normal sense of the term. Used almost exclusively in spoken language. In written language, quotation marks would be used instead.
Example: "Maybe you should ask your quote unquote friend what happened to the money."
Used in spoken language to delimit a quotation in the same function as quotation marks.
Example: "Adam Smith claimed that a capitalist is, quote, led by an invisible hand to promote an end which was no part of his intention, unquote."