Don't let the rating fool you, if you want a movie that's an absolute trainwreck, you must see this film.
Considering the plot of the movie is a "family friendly" version of the Titanic, its pretty clear that there was pretty much no way for this movie to not be horrible. Add to that ridiculous songs, poor animation, and rip-offs galore, you have the makings of an awful movie. The laundry list of animated movies blatantly stolen from here is long and can be a fun game when working through watching this thing.
The highlight is, of course, the rapping dog Fritz. The Party Time sequence is a must-see.