The story apparently follows on from the first film, which I didn't see. Austin Powers is played by Mike Myers. It's 1999 and his archenemy Dr.Evil, also played by Myers, has returned from space, and is hatching a new diabolical plan to take over the world. Powers, recently married, suddenly finds himself single when his new wife explodes, and to make matters worse, Dr.Evil goes back in time to 1969 and steals Power's "mojo", that part of him that gives him his incredible virility. Powers must go back in time, like you do, to find and restore his missing mojo. There he meets Felicity Shagwell, played by Heather Graham. Most of the film is set in 1969, and by far the best part is where Powers dances with Felicity in London's Carnaby Street, to the sound of Elvis Costello and Burt Bacharach singing "I'll Never Fall in Love Again". The filmmakers have recreated part of sixties London, including Piccadilly Circus, and the result is fantastic to watch.
To properly enjoy this film you have to leave your sensibilities at home. If you can't do that, you'll probably leave after five minutes. If you can take it, the film has a lot to offer, although at times it is a bit tiresome, repeating the same joke over and over again too many times. It's full of references to all kinds of things from Star Wars to Frank Zappa, and part of the fun is recognising the bits of other films. The funniest part of the film is set inside and outside a tent. The mind boggles.
This film is not going to be to everyone's taste, and it's definitely not for kids.