I loved this movie as a teenager, but as a parent--no way. LOTS of inappropriate things for kids that are not strongly cautioned against in the CSM review.
SPOILERS BELOW - there are 3 scenes that I think are inappropriate for most children due to sexual content and I would have given this an R rating for those jokes. Otherwise it was pretty funny and would be fine for even some elementary aged kids (my opinion).
1) A man says he is unable to give his wife an orgasm and the hero hands him the "Anal Intruder" - a giant vibrator with a fisting attachment that he gets out and begins assembling.
2) The villain in the back of a cow suit has a calf come to nurse from the udders - and he obviously enjoys it.
3) Again with the villain in the back of the cow suit but this time a bull decides to mate with the cow.
Some moments are inapproriate for children, but teens and older should have plenty of laughs
I remember seeing this back at the movies when I was in college so many years ago and it being one of the funniest movies I had ever seen. While some of the comedy has aged it is still full of hilarious moments. No profanity or nudity and the violence is cartoony. There are several sexual referances that would make this inappropriate for younger viewers.