It has ragged sails, a bone throne sitting inside a jawbone, an octopus, 3 firing cannons, and a "heartbeat." (although not universably known it is mentioned in a episode of megabloks pyrates by Morose that if the phantom is not "fed" every once in a while it starts to fall apart.
"Carved from the ribcage of a whale, the Phantom ship coasts through the fog and strikes its rivals without warning. The Skeleton Crew commands this ghostly galleon, using their prisoners to feed the ship's ominous powers."
-Caption in the instructions.
Shoveltooth, a skeleton with an skeleton axe.
Nautilasher, a skeleton with a skeleton spear.
Barnaclops, a skeleton with an asthetic skeleton axe.
in 2011, a new Phantom was released to go with the rest of the new Pyrate sets. The sails are black, and the Skeleton Crew insignia is no more, constrasting from the white sails in the original set The throne has been removed and replaced with a short mast piece. Another notable change is the hull no longer illuminates when 'fed'. Now it includes a dinghy ferrying Sea Marauder Brigadoon Blackburn. Dread Eye's legs have been changed to green, but the rest of the crew seems to be the same, aside from the slightly different bone coloring. The box art depicts a black hull, but the actual set has the same gray color as the original.
The Phantom exploded when Dread Eye and Shoveltooth fell down the ship's hull at the same time.