Ok, here's what I say about Airplane!. YOU HAVE TO KNOW YOUR KID. This movie is my favorite movie of all time! I have seen it numerous times and I see something new every time. Actually, I first saw it when I was about 9, and still loved it!
However, when I was 9, I did not understand any of the sexual references. And the cursing didn't influence me because my parents had taught me better than that. If you have the type of kid who will repeat things just because they heard it in a movie, then maybe this movie in for them. Yeah, they say "s**t", d*mn, and other bad words (don't worry, no use of the f word). But if you have thoroughly explained to your kids that although there is cursing in the movie, that doesn't mean it is acceptable for them to curse in real life, then they are probably okay.
Racial jokes? A lot. But you have to remember it was the 80s! "Politically correct" did not exist. Therefore, there are scenes referencing African Americans, Jews (well that one is only like 2 seconds long), Muslims (again, 2 seconds long) and probably some others. But don't get upset; it's only meant to be funny.
Okay, I will admit there is a bunch of sexual references. For one, the woman has to inflate and inflatable automatic pilot, and the place where she has to blow it up is in the crotch area. When I was 9, I didn't get it. It didn't scar me for life. If I asked my older brother what that part meant, he just said that he didn't know either. That stuff will probably go right over your little one's heads. The naked woman running across the scene is also a bit iffy. Maybe you could learn where that part comes in, and create a distraction so your kids look away. This should be fairly easy, considering she is only on the screen for about 2 seconds. It's not worth stripping your child of seeing a great movie just for those 2 seconds.
The pedophile questions aren't that funny. The pilot asks a little boy "Joey, have you ever been in a Turkish prison?" and "Joey, have you ever seen a grown man naked?" among other questions, although the naked one is by far the raciest. The others don't really mean anything, I don't think.
As far as violence goes, it NEVER shows anything graphic. It basically gives you the idea and you have to interpret the rest. Some funny parts in the movie are how the main character always bores everyone when he tells them his life story, to the point that they kill themselves. For example, he was talking to an old lady, and at the end of the story you see her feet dangling from the ceiling, suggesting she hung herself out of boredom. But it doesn't show anything scary. There is also a little girl on the plane in need of a heart transplant. While one of the flight attendants is singing to her with a guitar to soothe her, she accidentally knocks out the IV and doesn't notice. Some people say that it is implied that the girl dies, but all you see is the IV knocked out, and the scene ends shortly after that, and she is never even mentioned again in the movie. Like most things in this movie, they are mentioned for a short time and never again. It's like mini-plots. The only plots that stay throughout the movie is the main character having to fly and land the plane after the pilots get sick, and him trying to win Elaine, the flight attendant, back after they broke up.
Lastly, drugs and alcohol. Here's a fact: THEY SMOKED IN 80S MOVIES. Your kid has probably had all those "don't smoke, don't do drugs" talks, so as long as you tell them that back then people didn't know it was really that bad for you, then that's okay. A lady sniffs cocaine. Chances are, your young children will not know it's cocaine (I know because my dad told me). And although people might drink a glass or two in the movie, no one gets drunk. So although there is alcohol, there is no alcohol ABUSE. As long as you're over 21, alcohol is okay to drink if you don't abuse it. Make sure your kids understand that! It's not the alcohol that is bad, it's if you drink too much of it.
Well, I think I covered everything. In summary, you have to decide if this is best for your kid. I really think they would be missing out on a great movie if you don't allow them to see it. Because aside from all the bad stuff I just mentioned, there are TONS of good stuff! Kids in school are always quoting funny lines from that movie.
But REMEMBER, as long as your kids know right from wrong, as long as they know not to emulate on screen characters, and as long as they know to listen to their PARENTS for life advice and not some silly movie, then they will be just fine.