clever or subtle repartee; verbal wit.
a play on words; pun.

1870–75; word + play

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World English Dictionary
wordplay (ˈwɜːdˌpleɪ)
verbal wit based on the meanings and ambiguities of words; puns, clever repartee, etc

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Example sentences
Dean's statement is a combination of exaggeration and wordplay.
The linguist wants them to see how wordplay and humor can be enriched by the
  study of linguistics.
Such visual puns, artfully constructed, appeal to the mind as much as any
With his signature whimsy and wordplay, the author takes a jaunty excursion
  into a long, long lost world.
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