The title "Prince Albert in a Can" refers to an old phone prank. Prince Albert is a tobacco product that was sold in a can. The prank involves calling a store and asking, "Do you have Prince Albert in a Can?". When the clerk answered, "Yes". The caller would say, "Well, let him out!".
Owen mentions the movie Urban Cowboy, and then he and Catherine dance the two-step to "Looking for Love" from the soundtrack of Urban Cowboy.