What is Wackbit.com?

A friend of mine recently notified me that my profile picture from facebook has been posted on a site I’ve never heard of; wackbit.com. I tried to acess it, but came up with a notification that A) they did have a picture of me, and B) I should hand over some personal information in order to see it. Instead, I tried to do some research on it, and everywhere I looked people say don’t feed into it, because it’s a phishing site. What is a phishing site, and why is that bad?