This theory has been circulating around the internet for a while. I couldn't find it here on the Wiki, and the source of this theory is unknown.
Aladdin takes place in a post-apocalyptic world. In the first movie, the Genie calls Aladdin's clothes "So third Century." However, the Genie was locked inside a lamp for the past 10,000 years, which means that he couldn't have known what the third century was like. It would have to have been at least 10,300 AD.
This means that Aladdin must have taken place in the future. It seems that only some Arabic culture and modern technology survived. The name Arabia has been changed over the years to Agrabah. The technology is the cause of flying carpets, talking parrots, etc. The "magic" in these movies is really technology left by past civilization.
This is also the reason that the Genie makes so many pop culture references. How else would he know all of these references unless he had lived through them?
Aladdin takes place in the future. Civilization has gone on for so long, that it has moved backwards. The Genie has lived and experienced it all, which is why he can make so many pop culture references. The "magic" is actually past technology, as stated before. The rest of the theory is pretty much the same as the first one.