Sphingosine-1-phosphate (S1P) is a bioactive lipid that promotes cell survival, proliferation and migration, platelet aggregation, mediates ischemic preconditioning, and is essential for angiogenesis and lymphocyte trafficking. Sphingosine-1-phosphate lyase (SPL) is the enzyme responsible for the irreversible degradation of S1P and is, thus, in a strategic position to regulate these same processes by removing available S1P signaling pools, that is, silencing the siren. In fact, recent studies have implicated SPL in the regulation of immunity, cancer surveillance and other physiological processes. Here, we summarize the current understanding of SPL function and regulation, and discuss how SPL might facilitate cancer chemoprevention and serve as a target for modulation of immune responses in transplantation settings and in the treatment of autoimmune disease.