A phrase used to reference an object/person/event in a way that appears to be "out of date". It is a polite way to tell someone there music/hair/car/wardrobe/home electronics/home furnishings are TERRIBLE and they need new ones!
Glenn: Dude,look at that chick over by the bar,she is HOT!
Longo: DUDE, look at her hair, she is "Real 80s" man. Those jeans she has on, in San Diego you never see that style, that's "Real 80s".
When you reference someone of Spanish origin.
Guy 1- "Dude my new neighbor is HOT!!
Guy 2- "Man your right, you didn't tell me she was a "Fence Jumper"
Guy 1 - "my new co-worker is a Fence Jumper"