This is a classic line from the movie *Monty Python and the Holy Grail*! It's one of the most iconic and hilarious moments in film history. 

It's a nonsensical, absurd statement that perfectly captures the movie's comedic spirit. It's a great example of:

* **Absurdity:** The idea of a hovercraft filled with eels is just plain silly.
* **Wordplay:** The phrase "full of eels" is a bit of a playful, slightly vague way of saying "full of something unpleasant."
* **British Humor:** The line is quintessentially British, with its dry wit and unexpectedness.

So, yes, it's a very famous and funny line!  Do you have any other questions about it, or perhaps want to know more about the movie?