That's what I heard a bartender say to another on my recent visit to PDT in the East Village. And a choicer bit of counter lingo you won't find outside the oldest greasy spoon truck stop on Route 66.
Translation: The Prince of Wales is a cocktail, the Nick and Nora a specialized Martini glass that PDT employes. The bartender wanted the drink in the compact Nick and Nora glass, which is smaller and rounder than a typical Martini glass, because otherwise the champagne in a Prince of Wales overwhelmed the cocktail. Thus, "Nick and Nora on That Prince of Wales."