This demented one-of-a-kind comedy works best if you've seen 4 or 5 noir/hard boiled detective movies. Because at that point you begin to notice the plots become conflated and entangled. The gag is that with a bit of thought you can splice 20 of them together and get something pretty similar. The resulting mystery and detection results in a story that doesn't make a whole lot of sense, but then lots of noirs don't make much sense (The Big Sleep, Somewhere in the Night, Dark Passage). For noir, the tone, the striking compositions and the moral code are much more important.
Whoever pieced this together had a lot of fun with it. There's quite a range of different comedy to enjoy. Some of the funniest bits just involve the new footage (Martin's bleeding knees). Some of them are absurd/revisionist (Rachel Ward can hear Martin's voice-over narration) A whole lot of them involve the absurd plot lines introduced by the old footage, that then have to be integrated. Some running jokes are duds ("adjusting your breasts" Bogart and his ties). Others are awfully funny ("That's never gonna heal!") It also has some hysterical visuals (Martin's balletic dodge of Alan Ladd's bullet). Some of the patches are funny; Martin is constantly correcting people when they get his name wrong (because they're talking to other characters in other films) The two best comic moments involve a unique way to make coffee, and Martin's hopeless, post-rejection assessment of women. All of this is ten floors above the usual Adam Sandler dross.
If an academic ever gave this its due as the first instance of meta, or at least an example of intertextuality, it would have more respect. If you've seen it more than once, it's interesting to see why - not just plot points - but visuals have to be introduced, sometimes quite smoothly. i.e. Martin gets drugged and offers to put on his pajama top (over his suit) because it's needed to match the schmo he's doubling in the next vintage clip. Too funny. You don't need to think hard at all to enjoy this, but if you like thoughtful movies, this offers a bonus level to consider.
On the minus side, Reni Santoni is irritating and certifiably untalented. He doesn't deliver a single laugh.