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"

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.