"Take a risk?", I reply — what if foolish? (4,4,4)
I believe the answer is:
play with fire
'take a risk?' is the definition.
(to play with fire is to take a risk)
'i reply what if foolish?' is the wordplay.
'foolish?' is an anagram indicator (I've seen 'foolish' mean this).
'i'+'reply'+'what'+'if'='ireplywhatif'
'ireplywhatif' is an anagram of 'PLAY WITH FIRE'.
(Other definitions for play with fire that I've seen before include "Take dangerous risk" , "Take dangerous risks" , "Promethean drama?" , "Put oneself in danger" , "Be open to risk" .)