As far as being a classic, this movie doesn't even come close. Being that in the last 10 years there have only been a handful of decent National Lampoon movies you can't expect that this one was going to be one of the better ones. If you are looking for the rudeness of Animal House, or the Raunchyness of Van Wilder, then this isn't the movie you want.
On an up-note, if you are looking for a movie that kids can watch and would most likely enjoy this one isn't bad. As I mentioned it could have very well been made by Nickelodeon. The movie is pretty campy and there isn't any bad language or violence to speak of.. even the mobsters that appear in the movie aren't menacing. So if you are looking for something that a kid around the age of 6 - 12 could watch then this one wouldn't be a bad choice.