Equivocation is the type of ambiguity which occurs when a single word or phrase is ambiguous, and this ambiguity is not grammatical but lexical. So, when a phrase equivocates, it is not due to grammar, but to the phrase as a whole having two distinct meanings.
Of course, most words are ambiguous, but context usually makes a unequivocal meaning clear. Also, equivocation alone is not fallacious, though it is a linguistic boobytrap which can trip people into committing a fallacy. The Fallacy of Equivocation occurs when an equivocal word or phrase makes an unsound argument appear sound.