I'd add to rtxn's comment that the origin of the meme comes from a fan made game mode named "Skyblock". In this gamemode, you only start with a bit of dirt, plants, and a bucket of water and a bucket of lava.

The joke is, if you fail to create a cobblestone generator, you are locked out of most of the progression of the game, and you'd better restart.

It's also really easy to fail a cobblestone generator, so most Minecraft players have experienced this feeling.

And for the Minecraft players here: You don't make the water come to lava. You make the lava come to water.