Unfortunately it isn't real but Mel Brooks is apparently considering a sequel. With all the Star Wars hoopla, he'd be a fool not to!
As a kid I must have seen the original Spaceballs 50 times. Great stuff. A silly comedy in the grand scheme of things, but surely one of the first flicks to take a stab at the commercialization of the industry and poke fun at Jews in Hollywood in such a way. The title of the planned sequel Spaceballs 2: The Search for More Money is discussed in the first movie. Plus a couple of canucks - Rick Moranis and John Candy - really made this a comedy for the ages.