Run Like Smoke and Oakum!
Anyway, it seems that -- despite the fairly mediocre showing of the original film ($93 million domestic, on a $150 million budget) -- Russell Crowe is nevertheless in talks to make a sequel. According to AP, Crowe suggests that the sequel will be based, largely, on the 11th book of the Patrick O'Brian series, The Reverse of the Medal. The novel tracks Aubrey (Crowe) in the Caribbean in his ship HMS Surprise, where he meets his illegitimate son Samuel Panda, a Catholic priest born from an illicit liaison.
That's not exactly an inspiring plot line, but perhaps the it'll appeal to the talkative uncle in all of our families. Apparently, all it takes is a little swashbuckling, a lot of water, and a historical smack. A Master and Commander sequel, however, is still a long shot. Crowe is trying to wrestle away rights to the novel, and he's still got several other projects up for consideration. He's currently filming Robin Hood.