Telephasic: Tele: Of the mind, phasic: synchronized. This may be the meaning behind Telephasic Workshop; a meditative environment in which two or more individuals attempt to share a telepathic vision or idea. [Skytree]
[Ken Stewart] - a possible reference (which seems more plausible than either of the above) to the BBC's Radiophonic Workshop, where interesting music and sound effects were produced for various TV programmes like Dr Who. It is located at Maida Vale where, incidentally, BoC recorded their Peel Session.
As Ken suggests, the "radio-" part of "radiophonic" becomes "tele-" (from "television", as opposed to radio; also sounds like "telly"); while "-phonic" becomes "-phasic". In greek, "tele" means "from afar", "at a distance", and "phonic" means "relating to, or having the nature of sound, especially speech sounds" (Greek "φωνη", meaning "sound", properly, "sound of the voice"), while "phasic" means "relating to the production of speech" (from Greek verb φημι, "to speak"). So "telephasic" is "speaking at a distance", but the word is also a kind of analogue, in its construction, to the word "radiophonic" (→"telly-phasic").
This might also reference Blue Oyster Cults "Workshop of the Telescopes" (also known as B.O.C )
The chopped-up voices during the song may be saying "now this is very irresponsible". There is also a Scottish accent saying "yer no gonnae" which, when translated, means "you are not going to..." [Steven Harran]
A slightly slowed-down male voice that may be saying "bordering Canada" or "border of Canada", 4:40 and 5:18, the shouting of a young man (who may be saying "twenty cent", or "somebody say") is heard in the left channel.
A recurring voice, starting at 0:39, which might be saying "Ritual-Rit-Rit, Rit-Rit-Rit-Ritual"
A chopped up voice sample seems to be saying "eight-eight-eight-eight-eight-you-dont-know-you-dont-know" around the end where the bass drums gets heavy.
A recurring voice sample seems to be saying "very personal moment" in the chopped up speech samples. Starting at 3:09, can be listen clearly at 4:26, 4:44 and 5:44 Discovered by user bonzoello who say it on comments.