The most common and most likely answer to this crossword clue is the 5 plus 10 letter word HOTEL CALIFORNIA
I've seen this crossword clue in Financial Times
H
O
T
E
L
C
A
L
I
F
O
R
N
I
A
More clues leading to the result HOTEL CALIFORNIA
Buddy explains!
The straight part
We know that "Iconic 70s album and title track" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case iconic 70s album and title track = hotel california.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.