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1.
When a person replaces his/her loser significant other with someone who is more hip in the ways of music, fashion, etc...
"my boyfriend is such a douche canoe, i need a hip-replacement!"

"I heard Kelly got a hip-replacement"
by detmgi June 14, 2009
 
2.
The process of introducing a formerly cool person to a product or idea that attempts to make them cool again. Reinventing an individuals public persona through assocation or action.
Joe just had a hip replacement - he ditched his 20 year old CD Walkman for a new IPod.

Quentin Tarrantino gave John Travolta a 'hip replacement' with Pulp Fiction.
by Gavin Thiesfield April 19, 2007