Sure, it's not the best Titanic movie ever made, but it's a cult classic. "Raise The Titanic" should definately be restored and released on Blu-ray, filled with old and new extras! :)
By the way, if you're interested in the real ship, please check out this new Facebook group:
https://facebook.com/groups/154302558007057
Bimbo Boy
http://bimboboy.com
http://twitter.com/bimboboy
Dont expect it anytime soon. There was a Region 2 semi-special edition released a few years ago, and the company has no interest in a Blu-ray. Here in America we've never even had a decent (widescreen, trailer, etc) DVD release. If youre interested in "behind The Scenes" stuff..here is a 2 part video I posted. It was put out in 1980 as a faux documentary.
http://www.youtube.com/watch?v=hLJrGkOvcb4