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1.
This phrase is a derogatory saying that usually denounces someone's style in something. "X" is usually replaced with a time period whom the person's style reflects. "Y" is replaced with the item being made fun of or denounced.

Another permutation of this saying is more common on imageboards, messageboards, and forums. china called...
Examples of X Called, they want their Y Back...

Hey, Justin Bieber called, he wants his singing skills back.
Hey, the 1970s called, they want their clothing back
Hey, Elvis called, he wants his hair back
by Some dude with a Guitar November 22, 2010