It is in stock, and a lot of the mods. Since it's an RGG event - Random Generated Group - the computer determines if and when it will generate. I cannot remember the frequency setting, but it is rather low. It will glow on the horizon, whether day or night, when seen from a distance. There are "people" onboard, including in the rigging, and it does have cannons... They gave it a prop sound, like the jet in the movie Airplane, but in this case, not for the comedy as much as so that it would show up on sonar and you might chase it and see it's eery glow... btw, it does fly the flag of the Netherlands, if you catch it in your periscope. I don't know what that long, streaming thingie is flying from the mainmast, but it certainly isn't a skull and crossbones...
- I've not ever seen it encounter an IJN Task Force, but that might be kind of fun to watch...