Columbia Pictures approached George Axelrod to produce a film version of his very popular play, "The Seven Year Itch," but the film rights were tied up as long as it was running on Broadway. He instead offered them "Phffft!" - - an earlier play of his dealing with a similar subject.
The title "Phffft" comes from Walter Winchell's column which was widely read during the 50s. When a celebrity couple's marriage broke up, Winchell would describe the break-up as "phffft".