I've heard people say "понимаешь" when they clearly intend to mean "I understand", such as in this line from the Serebro song Не Время:
Я понимаешь, я это чувствую потом мы всё наверстаем, я предчувствую
Why is it "Я понимаешь" and not "Я понимаю"? Does this have some sort of rhetorical effect?
Also, in everyday conversation: I've heard people respond to my question "Понимаешь?" with: "Понимаешь". This has happened more than once with multiple people.