Horror Island.

Bill Martin, graduate from Princeton University, is the proud owner of a small boulder of an island off the coast of Florida called "Morgan's Island" He stumbles across a treasure map pointing to his island. The map is presented to him by a peg-legged old sailor, Tobias Clump, after Bill and his friend "Stuff" Oliver saves the man from drowning. Clump tells them that the map shows the way to infamous buccaneer Sir Henry Morgan's twenty million dollar treasure.