According to The New York Times review:
There are always priceless moments during the Academy Awards ceremony, those special moments that are impossible to watch with a straight face. After you’ve seen the big Oscar parody that is the centerpiece of “Naked Gun 33 1/3: The Final Insult,” when the real thing turns up on Monday night it may be hard to tell the difference. Movies have always been the prime target of the “Naked Gun” series, and this time Lieut. Frank Drebin (Leslie Nielsen) goes right to the source when he is assigned to thwart a terrorist at the Oscars. The result is a series of wickedly funny scenes, none better than the production number in which Pia Zadora, playing herself, sings and dances to a brassy Las Vegas arrangement of “This Could Be the Start of Something.”
This third installment of the silly and often hilarious send-up of cop cliches is slower to start than the earlier “Naked Gun” movies. As always, it is a scattershot mix of throwaway lines, topical references and sight gags (a newspaper headline that reads: “Dyslexia for Cure Found”). Drebin is now married to Jane (Priscilla Presley). She is a hot-shot lawyer and he is retired, so he cooks and hangs around the house. Mr. Nielsen sets the tone with his authoritative deadpan approach. The key to this series’ success is the way he maintains his dignified demeanor without winking at the audience, even when he is wearing fuzzy pink slippers.
The plot is a flimsy excuse for new jokes. Drebin’s colleagues, played by George Kennedy and O. J. Simpson, lure him back on the job to thwart a gangster named Rocco (Fred Ward), who has a mother (Kathleen Freeman) tougher than he is. Rocco’s sexy girlfriend (Anna Nicole Smith) hasn’t aged a day since the police squad first set eyes on her in the 1970’s; this is evident in a goofy disco flashback.
The film’s first-time director, Peter Segal, has adopted the series’ style seamlessly. And this “Naked Gun,” written by Pat Proft, David Zucker (who directed and co-wrote the earlier installments) and Robert LoCash, keeps some favorite touches. Be sure to stay around until the very end, to find out how Joey Buttafuoco and Marlon Brando slipped into the closing credits.