Fast and slow light media exploit a steep frequency dependence in their index of refraction in order to advance or delay a modulated signal. Here we observe a qualitatively similar advance and delay from an optical phase-sensitive amplifier (PSA). Unlike in the case of slow and fast light, this effect is due to a redistribution of power between imbalanced signal sidebands, and the advance or delay is dependent on the optical phase of the input. The PSA adds energy and also changes the frequency spectrum of the input. We show that the advances and delays observed in a PSA implemented using four-wave mixing in a warm rubidium vapor are consistent with the expected behavior of an ideal PSA.