Frank, this theory is basically correct at its simplest foundation. the flow of the currents mentioned is called thermohaline circulation and is extremely vital to the "life" of the ocean.
The Atlantic thermohaline circulation, which includes the Gulf Stream, acts like an oceanic conveyer belt that carries heat from the tropics to the North Atlantic region. Warm surface water from the tropics travels northward by the Gulf Stream. As the warm water cools in the North Atlantic, it sinks to the ocean floor, and then slowly moves southward until it returns once again to the tropics. This ocean circulation pattern is caused by differences in water temperature and salinity in the ocean.
Many climate models have projected that increased surface ocean temperatures and reduced salinity could slow this thermohaline circulation. A few models have projected a complete shutdown of the thermohaline circulation in the case of severe global warming, but this is being debated by the scientific community.
Where the movie has it wrong is in its claims of almost instantaneous shutting down of this circulation. If the thermohaline circulation were to shut down, it would probably not happen within the next 100 years, and circulation would eventually recover, after decades or centuries.
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