... hot? Or not? It will depend on your view on this, on how much you'll enjoy the movie. I'm not fond of the pranks too much, but I appreciate that the movie really sticks to its guns ... from start to finish. Add to that a lot of nudity and a lot of silly comedy and you'll either have a blast watching or be completely offended by it.
Yes stereotypes and yes cliches and offensive material will be shown ... view it as a museum art piece ... showing you a certain time frame from a certain "era" and what people thought would be funny (and mostly worked) ... so many sex comedies in the 70s showing a lot of skin ... under the disguise of comedy and pranks and ... blocking others of reaching a .... well lets call it highlight. Not a masterpiece and probably just riding the wave other movies laid the road and blueprint for ... but fun enough if you are not thinking too much about it and have the right frame of mind.