This issue features Alfred E. Neuman on the cover, as Spidey with four arms and four legs. There are two Spidey features inside.
Note that the cover art used here is the same as the American Mad Magazine #418, from 2002, over two years earlier. The content is very different, since of course the 2002 U.S. Mad was a satire on the first movie, and this contains different features related to the second film. The cover art is the only thing they have in common.
The first Spidey feature is a four-page illustrated story, "The Top 10 Least Valuable Spider-Man Comics in Your Collection." Nope, not part seven of Maximum Carnage. Not even the climax of the F.A.C.A.D.E. story. These are completely fake comics created from the sick and twisted minds of Mad's most degenerate writers.
For example. Number five, "The Gastronomical Spider-Man", featuring "Aunt May's Green Goblin Stew," or how about "Spiderman Unhypenated." Ouch, that would drive Stan mad! Actually, some of these are worth a chuckle. This feature didn't appear in the U.S. Mad Magazine #444.
The second feature is a two-page spread of movie stills with funny comments stuck on 'em. Like Doc Ock in full tentacled regalia saying "With all these tentacles, I'll be able to grope more women than Schwarzenegger could ever dream of!" Again, some are giggle-worthy, though not all. Nothing that's gonna drive you into oxygen-deprivation laughing fits. This two-page spread also appeared in U.S. Mad Magazine #444.
Hey, it's Mad Magazine. They've been doing this stuff for yonks. They have a slick product, and they throw enough gags that some are bound to hit the mark. There's some other good stuff in here too: Star Shrek is kind of fun... Star Trek meets Shrek. Very droll.
If you like Mad Magazine humour, you'll like this. Three perfectly adequate webs.