We investigate single-channel and multichannel phase-sensitive amplification (PSA) in a highly nonlinear, CMOS-compatible spiral waveguide with ultralow linear and negligible nonlinear losses. We achieve a net gain of 10.4 dB and an extinction ratio of 24.6 dB for single-channel operation, as well as a 5 dB gain and a 15 dB extinction ratio spanning over a bandwidth of 24 nm for multiple-channel operation. In addition, we derive a simple analytic solution that enables calculating the maximum phase-sensitive gain in any Kerr medium featuring linear and nonlinear losses. These results not only give a clear guideline for designing PSA-based amplifiers but also show that it is possible to implement both optical regeneration and amplification in a single on-chip device.