1. Question What's up? Answer Um, the sky. What is the meaning of "the sky" here. Sky means sky. It is a joke. 2. What is correct on OR over the phone; on OR over the internet? Depends on the context, however both are acceptable 3. What is the difference between will be doing and gonna be doing. Is the any principal distinction? No. Will be doing is correct. gonna be doing is slang. 4. Meaning of the phrase "And it goes a little somethin' like this" This is my view, opinion or interpretation.

1. The sky is literally what is up. It is what you see when you look up. 2. Both work, just in different contexts. I told her I loved her over the phone/internet. I spent three hours wasting time on the phone/internet. 3. The first is more formal and correct. The second is considered slang. 4. There is no context for this, but I assume that the speaker is showing the listener how something works or how music sounds.