A film lends its quotability to some very key elements.  This requires a good script, purposeful delivery, and the perfect thematic situation to which the quote itself derives its true impact.  

"So, why should I care if a film is quotable or not?"  You may ask... Well, read on...

In literature, an implied or indirect reference to another work is known as an "allusion." By incorporating cinematic allusions in your everyday life, you can reap great benefits. But beware, only skillful wielding of this power demonstrates its true mastery.  

Cinematic allusion, simply, shows that you're "in the know."  It conveys to others "in the know" (hereby referred to as "the enlightened") that you are of one of their elite and enlightened equals.  The true beauty of cinematic allusion lies in its ability to bring the great elements of film into a similar real-life situation.  It can recreate, in the minds of the enlightened, the cinematic situation it represents.  It brings with it all the impact of the words themselves, but it also carries the mental picture: the situation; the delivery; the subtle nuance of the scene from which the quote originated.  Some people think they're SO cool as they spout off some literary quote, but they're just throwing words into the air, all of which are prone to individual interpretation.  I declare that this is the inferior form of reference!  By using the cinematic allusion, you bring the entire scene (the dialog, the action, the mental picture) into your conversation, and better yet, the enlightened will know EXACTLY what to think.  It's not up to interpretation.

Let's take a look at an actual, real-life example.  Here's an excerpt from a real conversation among my friends, but I can't remember who said what, so I'll refer to them anonymously.

[conversation discussing sex and related, uh..., fluids leads to a discussion about, ahem, "jism"... if offended by discussion of male bodily fluids skip this!]

Female friend 1: "Jism?... Does that word start with a 'j' or a 'g'?  How do you spell it?"

Female friend 2: [in a forced, deep "Grandpa Fred" voice] "Ya don't SPELL it, son... you EAT it! Har. Har. Har."

Now, if you're enlightened to the great quotability of Sixteen Candles, then you know the impact that this simple allusion brings.  But this example goes further.  It takes the quote, that, in it's original context, was very humorous, and adds more by putting it into a situation it was not originally intended, and one that is quite the more humorous.  Be careful, though, for this is not a simple thing to do.  It requires a sharp wit and a good memory.  If you are failing in either, you may fall victim to the dreaded "botched quote" which, to the enlightened, certainly means the death of your cool.

The simple act of misquoting can make you look like a poseur/wannabe in the eyes of the enlightened.  Using quotes in a totally inappropriate context, actually misquoting the quote, stumbling over the words of the quote, or poor/improper delivery of the quote are signs that you're losing your cool.  Proper cinematic allusion is like delivering the punchline in a great joke:  If you screw it up, even the greatest joke becomes bland and uneventful... In situations like this, the only thing that can save you is if your crowd is unknowingly "unenlightened," in which case you can respond to their confused or lackadaisical response with, "c'mon, you haven't ever seen <Insert movie here>?...  Pshah!... losers..."  Whew, that was a close one.

Herein lies another great benefit:  Enlightened-person detection.  By throwing out some subtle and well placed cinematic allusions, you can easily weed out the baser "uninformed" individuals in a crowd of new acquaintances, and, likewise, highlight the smarter, more sophisticated enlightened ones as they openly validate your skill and taste. Again, a warning: Alluding to the wrong movies in your conversation with strangers can easily lead you into the company of film geeks like me.

Let me lend a final word of advice:  Choose carefully the cinematic quotes to which you wish to allude.  Nothing sounds lamer than a guy running around calling everyone "money" after he just saw Swingers, or trying to talk just like Austin Powers 12 hours a day.  The occasional, well placed allusions do the most good.  If you do use these, or similar allusions, use them in moderation and in company of well founded enlightened friends, for they will know you mean it as the occasional homage and not some "wannabe-cool" attempt saying, "look, I know a movie quote!."   

So, here we have learned the important role that quotability can lend to everyday life, and therefore we can conclude that if a movie is highly quotable, it too, by definition, becomes of great import to your daily interaction.

"Hail to the king, baby!"