This originates with the title of a 1984 film, Breakin’ 2: Electric Boogaloo. It was the sequel to Breakin’, a B movie about breakdancing, and was received as one of the “25 Worst Sequels Ever Made”.
X variants [chosen semi-randomly from top Google results] include Five Iron Frenzy, baby geek, get me naked, tumblr meetup, and Obama girl. The general limitation on what may appear in the X slot seems to be that (1) there is an X (1) that predates X 2, and (2) the work as a sequel is not to be taken too seriously. The most popular instances are titles of real (music albums, YouTube videos) or fictional works of art. Wikipedia’s page on the film notes on this snowclone, “The implications [of this usage] vary, but tend to imply a sequel that is ridiculous, disappointing, formulaic, or simply obscure.” The phrase has a nice nearly-trochaic rhythm, which may help give this snowclone some ease of use/production.
Ben Zimmer wrote about this snowclone–and the nature of snowclones in general–on the Oxford University Press Blog in his “From A to Zimmer” feature last August.