"I think there's a little bit of sizzling here. Honestly, I can feel it. The ions are flying back and forth"

Regis Philbin's quote is likely describing the chemistry between two people. He is suggesting that there is a trigger in between them, and that the energy between them is palpable. He is stating that the connection between them is so strong that it can be felt in the air, which the ions in the atmosphere are reacting to the energy in between them. This quote implies that the 2 people have a strong connection which the chemistry between them is indisputable. It is a romantic and poetic way of revealing the idea that 2 individuals have a strong connection which the energy in between them is strong.