I stole this explanation from another website:
Phase is a very important and often misunderstood factor in recording. Imagine the complete cycle of a sound wave as being like a wave in water. This wave has a crest, which pushes on your eardrum, and a trough, which pulls on your eardrum.
If two signals are electronically out of phase their waveforms can be mirror images of each other. When this happens, there can be cancellation of all or part of your sound. As the crest of waveform A pushes on your eardrum, the trough of waveform B pulls on your eardrum with the same amount of energy. This results in either no movement of the eardrum (no perceived sound) or reduced movement of the eardrum (altered, inaccurate sound).
If two waveforms are in phase, they crest and trough together. This results in a doubling of the amount of energy from that waveform, or twice the amount of air being moved.
When multiple microphones are used in the same room, sounds can reach the different mics at different times and probably at different points in the cycle of the wave. They combine at the mic out of phase. That's why it’s always best to use as few mics as possible on an instrument or group of instruments in the same. Fewer mics means fewer phase problems.
This theory also pertains to the way speakers operate. If two speakers are in phase and they both receive the identical waveform, both speaker cones move in and out at the same time. If two speakers are out of phase and if they both receive the identical waveform, one speaker cone moves in while the other speaker cone moves out. They don’t work together. They fight each other, and the combined sound they produce is not reliable.
This problem doesn’t show up as much in a stereo mix, but anytime your mix is played in mono or anytime you are combining multiple microphones to a single tape track, this can be the worst problem of all. To hear the effect of combining a sound with itself in and out of phase, listen to the guitar in the following audio examples. First, is the original track playing into one channel of the mixer. Next, the signal is split and run into another channel of the mixer. Notice the volume increase as the two channels are combined. The final example shows the sound difference as the phase is reversed on the second track. When combined, the tracks are obviously thin and reduced in level. Imagine if that happened to the guitar track in a mix as it was played on mono AM radio.
The nature of combining sounds dictates that there is always phase interaction. We wouldn’t want to hinder that because good phase interaction gives our music depth and richness. However, we do want to be particularly aware of phase interactions that can have an adverse effect on the quality of our music.
If your mixer has a phase switch on each channel, it’s probably at the top of the channel by the preamp and attenuator controls. Its purpose is to help compensate for phase interaction problems. For practical use, listen to your mixes in mono. If you notice that too many instruments get softer, disappear or just seem to sound funny in mono, then there’s probably a phase problem between some of the tracks. Change the phase of some of the tracks that might be combining in a problematic way until the mix sounds full and smooth in mono.
Short delay times, chorus and phasing effects can also cause these kinds of problems in mono, so you might also need to change some delay times to help even things out. There will be more about this when we cover mix-down. Once you’ve located and solved the phase problems, your mix will sound just as good in stereo, and you’ll be ready for television or AM radio. It’s a good idea to be checking for phase problems when recording tracks to the multitrack. Some mixers that have phase reversal switches have them operable only on the mic inputs and not on the tape inputs. Therefore, they're unavailable during mix-down.