Quite literally, they don't make them like this any more.
It's a rip-roaring pirate movie set somewhere in the 1670s on the fabled Spanish Main. Jamie Waring, played by Tyrone Power, is a pirate, but a cheerful one. He gets the opportunity to go straight when his old boss, Captain Henry Morgan, returns from England as the new Governor of Jamaica. This causes resentment from the existing Jamaican power structure, and the rest of the movie is filled with intrigue, derring-do, swordplay and double crosses. Maureen O'Hara, the former Governor's daughter, turns into a feisty love interest for Jamie.
It's a lot of fun, and you can pick out the seeds of (for example) Pirates of the Caribbean. There are good and bad pirates, although it's hard to tell exactly what distinguishes one from the other; both are devoted to good old rape and pillage, and it's only a whim that makes the "good" ones semi-legit.
This was probably pretty risqué for its day (1942). It's pretty clear that the pirates carting off the ladies slung over their shoulder have some purpose in mind other than having them do their laundry, but the details remain off-camera.