The phase velocity
of a wave
is the rate at which the phase
of the wave propagates in space. This is the velocity at which the phase of any one frequency component of the wave will propagate. You could pick one particular phase of the wave (for example the crest) and it would appear to travel at the phase velocity.
Note that the phase velocity is not necessarily the same as the group velocity of the wave, which is the rate that changes in amplitude (known as the envelope of the wave) will progagate.
The phase velocity of electromagnetic radiation may under certain circumstances exceed the speed of light in a vacuum, but this does not indicate any superluminal information or energy transfer.
See dispersion for a full discussion of wave velocities.