The lead character Jack Sparrow - played by Johnny Depp - gets cursed and doomed to death by this mithological monster Kraken. Figuring that the monster will track his smell, he throws out his hat to the ocean, only to be found by two fishermen.
The very interesting thing about these fishermen is that one of them speaks Turkish and the other speaks Greek, both in the Cyprus accent. And they seem to understand each other even though they speak different languages. As far as I know, actually due to some information which is very easily found in the net, these two actors are coincidentally hired to play the scene and when they realize that one of them is from Turkish Cyprus and the other from Greek Cyprus, they suggest the director to play the scene in their own languages respectively. And the director Gore Verbinski agrees.
So these fishermen find the hat, and fight over it because wearing it makes them feel like a real captain. And then... well, watch and see yourself. Don't worry, it is only one minute.