Meaning: Progress, often till it finishes
Example: Let's see how things PLAY OUT.
Meaning: Pretend that something is real and reduce its effect
Example: Computer games allow people to PLAY OUT their violent urges.
Meaning: Play something to the end
Example: Rain stopped them PLAYING the game OUT.
Meaning: Unwind (e.g., fishing line)
Example: When he hooked the swordfish, his line rapidly PLAYED OUT.