It refers to:
* The quality of being physical: This can be used in a general sense, referring to something having a tangible form or being capable of being experienced physically.
* The physical attributes of a person: This often refers to their body and its movements, particularly in performance arts like acting and dancing.
While it may not be the most common word, it's certainly not incorrect or improper. It's a useful term in specific contexts where a more nuanced understanding of the physical is needed.