If you can answer yes to all of the above, then you’ve obviously see the 1983 Australian superhero musical comedy The Return of Captain Invincible.
From Philippe Mora, the director of Howling III: The Marsupials, The Beast Within, and Communion, and Steven E. de Souza, the writer of 48 Hours, The Running Man, and Die Hard (who co-wrote with Andrew Gaty), comes a musical comedy starring Alan Arkin as a bumbling alcoholic superhero (you thought Hancock did it first?) lured out of drunken retirement to save the world when his old nemesis Mr. Midnight (Lee) steals a military superweapon.
The Return of Captain Invincible