In the film various governments have built arks which when the massive Everest high tsunami swamps the earth (the earths core has destabilised due to neutrino levels) ride the wave - well the chosen few i.e our Queen and the German premier (who are both featured)
and our heroes who stowaway do! - until they reach (a few months later) the Cape of Good Hope which is now, due to shifts in the earths crust, the highest point on the planet. Oh and the dog survives. But the US president decides to stay in the White House nd perishes. As does the Italian premier (crushed by the Sistine Chapel) which made me laugh the first time I saw it as I bet Berlusconi would be the first fucker into one of the arks
[/spoiler)