Could this scheme ever come to fruition?

Recently, I had a conversation with a boyhood friend who I,ve always perceived as one of the smartest/sharpest people I have ever known. He indicated that he has thoughts of purchasing a cruise ship and declaring it a sovereign nation. He would anchor this ship in international waters of the coast of the worlds most populated cities. He would name his country "Utopia" and feature unlimited gambling, narcotics, as well as, prostitution. He would shuttle tourists to his "country" via helicopters and airplanes. He claims he and his investors would/could become billionairs after a very few years of operation. I can't help but think, in theory, he may be on to something. Could this scheme succeed? What, if any, are the legal and political ramifacations of his plan?