"Poseidon" is a hoped-for summertime spectacle of a film, buoyed by its special effects and nearly drowned by its sopping dialogue. Updated from 1972s "The Poseidon Adventure," the magnificent cruise ship sails in open waters on New Year’s Eve, and the ballroom is filled with music as everyone waits for the ball to drop at midnight. Suddenly, the Poseidon is hit by a tsunami-like, rare rogue wave that rolls the giant ship about as tons of water crash over the vessel, and it is turned upside down.

Many are killed right away but for the moment at least the grand ballroom, which is now upside down, has been sealed and appears to be safe. The Captain (Andre Braugher) assures people that they are secure here, that the rogue wave has passed and that the ship’s GPS will alert rescuers where they are and all will be well.

Kurt Russell and Josh Lucas, both high stakes gamblers and risk takers, believe that survival depends on climbing out of the ballroom, which will then be resealed, and towards a higher level, which is actually the bottom of the ship, now that the Poseidon has capsized. They are joined in their death-defying quest by Jacinda Barrett, Jimmy Bennett (who plays Barrett’s brave young son), Richard Dreyfus, Emmy Rossum, Mía Maestro, Freddy Rodríguez, and Kevin Dillon. Overall, the acting is by the numbers. Even though Braugher (TVs "Thief") had limited time in the film, his genius in acting came through with just a blink of the eye and a smile.

The movie is saved from the undertow of lame dialog by three positives. To see the special effects on the IMAX screen has a special effect of its own. A running time of under 100 minutes is perfect for a high-action picture with a thin plot. And Wolfgang Peterson (who did the masterpiece submarine movie "Das Boot") knows how to make a film in tight spaces, under water. He can create tension even when you know what the likely outcome will be; as when at least one person will not escape from the most immediate peril.

In disaster films, guessing who will survive is where much of the fun originates. There were few surprises in "Poseidon," but nothing that quite matched Samuel L. Jackson in "Deep Blue Sea" when it comes to who will get bumped off.