1. To perform a role as a fictional character in a particular kind of way. A noun or pronoun is used between "play" and "as." He chose to play Macbeth as sniveling and wormy to underscore just how pathetic and vindictive his motivations were. For some reason she decided to play the character completely straight, even though she's obviously meant to be an exaggerated, hyperbolic parody.

2. To handle, interpret, or regard something in a particular kind of way. A noun or pronoun is used between "play" and "as." I'm willing to play this whole thing as a big misunderstanding. It's your first week on the job, so I'm sure the boss will play it as a simple mistake and move on.