Runkel has it.
The question could have been rephrased as "What happens when Peter Sellers, The Beatles and Monty Python collaborate on a movie?"
Sellers and Ringo starred, McCartney wrote the music (performed by Badfinger), Lennon and Oko were supposed to be in it but weren't allowed on the QE II (which doubled as the Magic Christian while on the way to the US) due to their problems with the US Government. Chapman and Cleese had bit parts, along with the long list of celebrities (including "The Manchurian Candidate's" Lawrence Harvey in a striptease, Yul Brynner in drag and Mission Impossible's Peter Graves) and even LORD Richard Attenborough. ...apparently only George Harrison had the good sense to sit this one out.
The movie was a sequence of short vignettes skewering human greed. Many were hilarious, but some fell flat. It was a product of the sixties that I think must have relied on the recreational chemicals of those times to help the audience appreciate it. But its message is probably more relevant now than it was then.
One of the high points (especially if you are toasted) is when a male passenger threads his way through the sinking ship's corridors trying to find an escape route. (I think the ship hits an iceberg after the passengers have watched on a closed circuit TV, a vampire, Christopher Lee of course, having the Captain, stodgy Wilfrid Hyde-White, for a snack on the bridge) Entering the engine room, the hapless passenger finds a scantily clad Raquel Welch, yielding a whip, dominating dozens of naked female galley slaves toiling at the oars! (let's see Tina Fey top that!)
Hmmm... by the way, how many of you guys know who Raquel Welch is?