Coming from a 2005 US perspective, I get the feeling that there is some cultural context that would have helped greatly in understanding the subtleties of this film.
The highlight is the music which is catchy and fun. The accompanying music videos are (unintentionally?) hilarious, especially the "dance" party scene and the white piano dream sequence.
Basic plot is that Sami (Saad Abdel Wahab) stays at the house of his friend (Ghourab,) as he takes a position as the new Physics and Music teacher at a girls school. A love triangle develops between Sami, one of his students, and Mahmoud, another friend of Sami and Ghourab's. All of this takes place in a very modern 1950's Egypt.
There are some very funny parts to the film, especially Ghourab -- "coke is not enough -- I need cognac!" The serious parts don't seem to work as well. I got the feeling that it was something of a vehicle for singer Abdel Wahab. From my perspective it seemed more like a curious relic rather than a classic film, but I certainly enjoyed myself watching it. (And I would love to be challenged on that point)
I also wanted to see much, much more of the "torpedo," the greatest car EVER.