The newly commissioned Gemini Planet Imager (GPI) combines extreme adaptive optics, an advanced coronagraph, precision wavefront control and a lenslet-based integral field spectrograph (IFS) to measure the spectra of young extrasolar giant planets between 0.9-2.5 mu m. Each GPI detector image, when in spectral model, consists of similar to 37,000 microspectra which are under or critically sampled in the spatial direction. This paper demonstrates how to obtain high-resolution microlens PSFs and discusses their use in enhancing the wavelength calibration, flexure compensation and spectral extraction. This method is generally applicable to any lenslet-based integral field spectrograph including proposed future instrument concepts for space missions.