The comic within the comic was actually my favorite part of the Watchmen series, for obvious reasons. It is Scary as Shit!! This short animated film does not disapoint. It is only about 15 minutes long (if that) and I wanted to watch it again right away! Gerard Butler does the voice of the Captain, and he is perfect! And it is old-school animation (aided by computers but still hand-drawn) which is really cool. It is like Edgar Allen Poe wrote a pirate story. See it!
This is the song that inspired The Black Freighter. I couldn't find the Nina Simone version, but that is also worth checking out.