Elvis has left the building
BeckyH
This phrase is occuring more and more because of the end of President Clinton's term. What is its origin and what exactly does it mean? Thank you.
AdSumADS
Fans at Elvis Presley appearances were particularly enthusiastic, requesting many encores, etc. In order to clear the venue after the show had been completed, promoters would announce that Elvis had actually left the physical building, which is to imply that there is no point in waiting around any longer and that the fans should clear-out.

As a cliché, it has been abstracted to refer merely to any finality which is to be emphasized, but more commonly for those cases when a particular agent (an "Elvis") would be responsible for the discontinued phænomenon.

Lewis Joplin II
And, of course, President Clinton's not-so-secret code name is Elvis.
Lord Glenelg
From what I understand, Elvis never did encores, but many fans weren't aware of that. Here's a discussion of this phrase in another message board:

http://boards.straightdope.com/sdmb/showthread.php?threadid=40056

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