In this quote from Romeo and Juliet Act 3, Scene 1, Benvolio is talking to Mercutio. He is saying that Mercutio is so quick to pick a fight that if he (Benvolio) were as quick-tempered as Mercutio, he would be willing to sell his life for an hour and a quarter. The "fee simple" is a legal term meaning absolute ownership of property, and Benvolio is using it sarcastically to suggest that anyone who wants to fight with Mercutio can have his life. This quote is important in the scene because it sets the stage for the violent confrontation that follows between Mercutio and Tybalt.