This is one of the last episodes of
The Adventures of Rocky and Bullwinkle, and ran in six
segments. It is fairly forced and not particularly
humorous, seemingly existing sole a vehicle for its
punny name.
During the annual boat races at Veronica Lake, Bullwinkle uncovers a small ruby-encrusted ship that none of the jewllers in Frostbite Falls can place. Our heroes soon figure out it is owned by a great Indian "dictator" (their words, not mine) named Omar Khayyám. So they're off to India, unintentionally, to meet the owner.
See also The Rubáiyát of Omar Khayyám.