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Looks like the Black Freighter won't be in the actual movie...

From Wikipedia:

Tales of the Black Freighter, a comic within the Watchmen comic, will be adapted as a direct-to-video animated feature, which will be released on March 11, 2009.^[77] It was originally included in the script,^[63] but was cut due to budget restrictions,^[62] because the segment would have added $20 million to the budget, as Snyder wanted to film it in a stylized manner reminiscent of 300.^[77] Snyder considered including the animated film in the final cut,^[11] but the film was already approaching a three hour running time.^[77] Gerard Butler, who starred in 300, voices the Captain in the film, having been promised a role in the film, which never materialized.^[78]

The Tales of the Black Freighter DVD will also include Under the Hood, a documentary detailing the characters' backstories, which takes its cue from Hollis Mason's memoirs in the novel. The film will be released on DVD four months later, and Warner Bros. is also considering releasing an extended edition, with the animated film edited back into the main picture. In addition, a dozen short films (each around twenty minutes in length) will be released on the internet, using narration over the panels of the comic strip to familiarize newcomers to the story. These may also be released on DVD.^[77]

And some stills of the ordinary New York residents and environs...