It should be 'as is' basis. 'as it where is' makes no sense. An 'as is' basis means that, if the item is broken, it will not be fixed when you buy it. This is a very common phrase when selling used items like cars and other things.

Arthur: You have a misspelling I think. The phrase is probably this one; "As it were". ################################## The form were is a past subjunctive, and it is used in a construction that is common in hypothetical situations: He would kill me if he were able. She behaves as [would be fitting / etc.] if she were upper class. The phrase is theoretically short for as [it would be if] it were [so], though it is uncertain whether that is really where it came from. The Oxford English Dictionary (2nd ed.) has its earliest quote from circa 1386: As it were: as if it were so, if one might so put it, in some sort: a parenthetic phrase used to indicate that a word or statement is perhaps not formally exact though practically right. • c1386 Chaucer Nun's Pr. T. 26 She was as it were a maner deye. • 1399 Langl. P. Pl. C. ix. 22 Ich wolde a-saye som tyme for solas, as hit were. • 1531 Elyot Gov. (1834) 211 It draweth a man as it were by violence. • 1579 E. K. in Spenser's Sheph. Cal. Mar. 11 Gloss., The messenger, and as it were, the forerunner of springe. • 1692 E. Walker Epictetus' Mor. (1737) xxii, You're as it were the Actor of a Play. • 1711 Steele Spect. No. 32 31 She has thought fit, as it were, to mock herself. • 1881 Buchanan God & Man I. 124 She took him at once, as it were, into her confidence. ---------http://english.stackexchange.com/questions/27478/what-is-the-story-behind-the-phrase-as-it-were-where-did-it-come-from ################################## . . Parenthetical phrases are not critical to sentence meaning. I can write: "This is an answer to your question". Or, I can use the Parenthetical, "as it were" like this; "This is an answer to your question, as it were." It is the sort of phrase that you should forget about, because Parentheticals are not a necessity.