"Das Telefonbuch hast du."
Let's look at it this way. If a conversation were "I have a novel. No - you have a telephone book." One would say, "Ich habe einen Roman. Nein - das Telefonbuch hast du". Because normal sentence structure is subject-verb-object, by switching the order to object-verb-subject you are emphasing the object. Another example - I give the man a telephone book. If you wanted to stress you gave the item to a man (and not a woman), you would say "Dem Mann gebe ich das Buch".
Das Telefonbuch hast du. :: This is still correct because of the case used on "du" Although it does sound better to my ears "Du hast" first.
Grammar below please stop reading here if you don't care for grammar. Even though "Du" is not at the beginning of the sentence it's still in its nominative form, instead of its accusative form, which would have actually changed the meaning of the sentence. Ex: Das Telefonbuch hat dich. "The phone book has you."
"the phone book has you" is not the correct translation. The correct translation into English is "You have the telephone book". This sentence is an example showing that word order is not the same in English as it is in German. In English, the case is usually shown via word order. In German, case is shown with an article and its declension; id est: dem, der, den, einem, einen, etc.