This recession is giving everyone flashbacks of a simpler, happier time, when slap bracelets weren’t yet banned by elementary schools, Fun Dip candy didn’t have all those negative drug connotations and parachute pants were not considered impractical. The company, creators of the captioning sites I Can Has Cheezburger (silly exploits of cats) and FAIL Blog (failed sailboats and more), has a new site: OnceUponAWin. It invites users to send in their favorite nostalgic (defined as anything pre-2000) photos and videos to create a “visual collection of epic wins from the past.”

Each blast from the past is accompanied by a short snippet from Wikipedia, which gives great context and history to the photo or video, especially for those not in the know (ahem, those born after the ’80s). Viewers can weigh in with a thumbs up or thumbs down.

So far, classic Converse Chuck Taylor hi-top sneakers, painter Bob Ross, the video game Duck Hunt and the A-Team van are tugging at our collective memories. I’m confident that Crystal Clear Pepsi will make the ranks. “Where’s the beef?,” the popular Wendy’s commercial from 1984, currently has 254 thumbs up, and is branded with “OnceUponAWin.com” on the bottom of the YouTube video.

But wait — where are the captions? Will these epic wins remain unsullied by nonsensical text? Since users can only submit photos and videos and wait for them to be approved and posted, the site may not be as addicting as the caption-building ones where users can immediately upload photos, add funny text to the images and submit them for votes.

The Cheezburger network has a roster of nine sites that pull in over 6.3 million monthly users, with traffic rising 23 percent from September 2008 to October 2008 (128.3 million page views). It looks like the downturn isn’t affecting traffic here, especially if you’re trafficking in lolcats and loldogs. Online advertising revenue, though, has seen slower growth due to advertisers cutting back on their spending budgets during the recession. The challenge will be for OnceUponAWin to both get enough traffic and keep costs low enough to survive.