'fraid makes a good point. Sometimes you read interviews with artists who say they like the "out of phase sound" and their guitar techs are probably too polite to correct them. I've heard the term (mis-)applied to the discovery of the "in between" positions on a three-way Strat switch. There is some phase cancellation going on there, but the majority of the string's tone is in phase.
On the other hand, for a truly out of phase sound, you need to have the guitar rewired for that option. One example (non Tele, sorry) is BB King's Live at the Regal which has a very nasal sound compared to the current sound from that guitar great. The sound on those albums is so nasal that it sounds like out of phase wiring (I read somewhere that BB had out of phase wiring early on, now he uses a Varitone tone circuit).
OK now for the sleeping pill: If two pickups that have some distance between them are out of phase, then the fundamental and the first few harmonics will tend to get cancelled out, whereas the highest harmonics that you didn't hear before will become more apparent. Think of the wave forms on the string. The fundamental is one big arc from the nut to the bridge; the first harmonic is shaped like a sine wave with the string up from the nut to the 12th fret and down from there to the bridge; each harmonic after that would have more waves getting shorter and shorter. When the wavelength is short enough so the string vibrates up over one pickup and down over another, that part of the sound would ordinarily be canceled out if the pickups are in phase. Since the timbre of an instrument is a function of which harmonics are loud and which ones are soft, you can drastically alter the sound of the guitar by wiring the pickups out of phase. If the two pickups are close together, then only the highest frequencies would be coming through, so much so that the adjacent coils in a humbucker would be very weak and tinny if wired out of phase (remember the magnets are also reversed in a standard humbucker so the coils are electrically out of phase as far as hum is concerned but musically in phase as far as their operation as a generator/pickup of the string's sound).
By the way it is possible to get hum-cancelling operation with two single coil pickups; if they have the same magnet orientation then you have to reverse the phase of one pickup. When you combine them you'll get the nasal sound but it will be hum-canceling. By the same token if you take a humbucker and reverse the phase you lose the hum-canceling property.