[SeanLuke]

No, it is not. When they say "capeesh" in the movie, they're trying to say "do you understand?" (second person singular). In Italian, that would be "capisci" (pronounced "ca-pee-shee").

Additionally, capisce ("does he understand?") in Italian, is pronounced "ca-pee-sheh".

The "capeesh" is derived from Sicilian.