Well, according to this List of every pirate movie ever made. your movie does not exist. Are you sure it wasn't one of Charles' dreams?

Closest is "The Island" with Micheal Caine.

I do remember a really bad Gina Davis movie where she was a female Pirate. Google tells me it was called "Cutthroat Island" so still not it.

With great power comes Awesome irresponsibility.