The Yin and the Yang of Mr. Go (1971)
A psychotically bad movie, directed by Burgess Meredith, who also has a role as a Chinese acupuncturist. Set in Hong Kong, it follows the confused adventures of an American draft dodger and wannabe writer (Jeff Bridges) whose path intersects with that of the shadowy criminal mastermind, Mr. Yin Yang Go (James Mason...yes, JAMES MASON). The McGuffin is a laser weapon sought by several governments - it reminds me of the giant raspberry on Exeter's ship in 'This Island Earth'. Oh, and it's narrated by Buddha himself, who once in a blue moon decides to shine a magical beam of light on someone and make that person reverse whatever he was doing. The music is incredible 1970s pop choir.
If you want to take a look for yourself, it's on YouTube (though in poor resolution - I saw a better copy): http://www.youtube.com/watch?v=PAkwLJSz9OY
This would be really good for riffing. The Penguin jokes practically write themselves.