Now available on DVD as part of the Three Stooges collection "Greatest Hits and Rarities", Knife of the Party definitely fits into the rarities category -- and for good reason. It's terrible.
Made for a non-existent budget, this musical short is about as far from MGM musicals of the time as it is possible to get. The songs are terrible, the acting is terrible and the plot is missing in action.
What makes this film of any note is a rare appearance by Three Stooges alumnus Shemp Howard as the leader of his OWN team of Stooges. Unfortunately, while any Stoogeophile worth his salt can name every Stooge, Shemp's gang remains completely anonymous, with no personality whatsoever.
For fans of Shemp, Moe, Larry, Curly, et al, Knife of the Party is worth checking out once as a Stooge-related curiosity piece, but I wouldn't knock myself out searching for it.