Step 1: Understanding the Concept:
Find the three vertices of the triangle formed by the intersections of the given lines, then use the standard area formula.
Step 2: Detailed Explanation:
Intersection 1: $x=4$ and $y=x$ $\Rightarrow$ $(4,\,4)$.
Intersection 2: $x=4$ and $y=-4$ $\Rightarrow$ $(4,\,-4)$.
Intersection 3: $y=x$ and $y=-4$ $\Rightarrow$ $(-4,\,-4)$.
Using the formula $\text{Area} = \dfrac{1}{2}|x_1(y_2-y_3)+x_2(y_3-y_1)+x_3(y_1-y_2)|$:
\[
= \frac{1}{2}|4(-4-(-4)) + 4((-4)-4) + (-4)(4-(-4))|
= \frac{1}{2}|0 + 4(-8) + (-4)(8)|
= \frac{1}{2}|{-32-32}| = \frac{1}{2}\times 64 = 32
\]
Step 3: Final Answer:
Area of the triangle $= 32$ square units.