I think it was E3 2001 when it was revealed, and possibly by Rare. It was going to be for the Gamecube but got cancelled, and featured some kind of Pirates Of the Caribbean style adventurer, and this guy said something like "right this way, sir", and the bridge he was on began to collapse as the guy laughed, and he ran to the edge. It was by the sea, outside of some kind of dungeon thing. I think a girl got kidnapped too.
I can't remember for the life of me what it was called- but it looked !@#$% awesome. If someone could please give me the name, I'd be really grateful!
EDIT: It was Galleon! I looked at an E3 2001 live blog- and it was made by Factor 5. As soon as I saw that word I had flashbacks!
EDIT 2: To my heartbreak, it WAS released. On the Xbox.