A B737 FLT CREW OVERSHOOTS A TURN TO FINAL RESULTING IN A TCASII ALERT.

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WE WERE CLRED FOR THE VISUAL APCH TO RWY 25L AFTER BEING HELD HIGH AND RATHER CLOSE TO THE ARPT. IN AN ATTEMPT TO SQUARE MY TURN TO FINAL; I INADVERTENTLY OVERSHOT THE FINAL APCH COURSE TO RWY 25L AND BRIEFLY ENCROACHED UPON THE FINAL APCH COURSE TO RWY 26. WE WERE NEVER IN CLOSE PROX TO THE ACFT BEHIND US WHO WAS CLRED FOR A VISUAL TO RWY 26; ALTHOUGH WE DID RECEIVE A TA ALERT REF THAT TFC. WE THEN REQUESTED AND RECEIVED PERMISSION TO EXECUTE AN 'S' TURN TO THE S OF THE APCH COURSE IN ORDER TO GET DOWN ON PROFILE. THE SUBSEQUENT LNDG WAS EXECUTED PER STANDARD COMPANY PROCS FOR A VISUAL APCH. DURING TAXI TO THE GATE; WE WERE INSTRUCTED TO CALL THE TWR BY TELEPHONE. I CONTACTED OUR MGR AND EXPLAINED THE CIRCUMSTANCES TO HIM. HE MADE THE CALL IN MY BEHALF AND RPTED BACK TO ME THAT THE SIT HAD BEEN RESOLVED SUCCESSFULLY. IF I HAD THE APCH TO DO OVER AGAIN; I COULD ACE IT. JUST ONE OF THOSE LESS THAN PERFECT SCENARIOS ALL AVIATORS FALL INTO ON RARE OCCASIONS ALTHOUGH THEY KNOW BETTER. SUPPLEMENTAL INFO FROM ACN 582242: ON VISUAL APCH TO PHX RWY 25L. CAPT WAS FLYING A DOWNWIND FROM THE W. WE WERE KEPT A BIT HIGH; APPROX 6000 FT MSL. NO INFO FROM APCH ON OUR SEQUENCE. CLRED FOR THE APCH AT 6000 FT AND ONLY 6 NM FROM ARPT. CAPT VERBALIZED HIS INTENTION TO 'SQUARE' OFF THE TURN TO FINAL. FLAPS TO 5 DEGS AND GEAR DOWN ON BASE. WE WENT TO FLAPS 15 DEGS AND CAPT SPLIT THE DISTANCE BTWN THE N AND S RWYS AT PHX. WE WENT TO FLAPS 30 DEGS AND CAPT ELECTED TO GO ALL THE WAY TO FLAPS 40 DEGS TO ENSURE A SAFE APCH. WE REQUESTED AND WERE APPROVED FOR A SLIGHT 'S' TURN TO THE S TO LOSE ALT. RETURNED TO NORMAL DSCNT PROFILE AND LANDED NORMALLY. UPON SWITCHING TO GND WERE TOLD TO CALL THE ATC NUMBER! APCH COULD HAVE GOTTEN US DOWN SOONER; BUT; I AS THE PNF COULD HAVE REQUESTED OUR SEQUENCE TO THE RWY AS WELL. I COULD HAVE HELPED THE CAPT BY NOTING HIS DRIFT TOWARDS THE N RWY; ALTHOUGH I DIDN'T SEE IT AS A CONCERN AT THE TIME. CAPT JUST GOT HIGH AS MOST OF US TEND TO DO AT SOME POINT IN TIME. ONLY OTHER POSSIBILITY WOULD HAVE BEEN TO GO AROUND. HOWEVER; I DIDN'T FEEL WE WERE UNSAFE AT ANY TIME WITH REGARDS TO TFC OR DSCNT PROFILE. I WILL DEFINITELY VIEW CTRLINE DISTANCES WITH MUCH MORE CONSERVATISM IN THE FUTURE AND ENSURE THE CAPT KNOWS THE SEQUENCE TO THE RWY FROM THIS POINT ON.