Based on the feature film of the same title, the game casts players in the role of renegade treasure hunters. The player is able to choose between two characters: Morgan Adams, a female character who wields a rapier; or William Shaw, a buccaneer who is armed with a sword. The game features single-player and two-player action modes and features two different gameplay styles to choose from: Swordplay and Brawling.

The player's character must battle through 10 levels, encountering various foes such as pirates, redcoats and harbour masters. In addition to all the swordplay, level two requires players to flee from prison guards in a quarry cart, and level five puts player atop a runaway horse-drawn carriage. As the player progresses through the game several items such as knives, bombs, bottles, torches, hammers, pistols, and other weapons are collectable.