It was released across the globe, and despite being largely popular with young people, it angered many adults - especially Sheila Broflovski, head of the South Park PTA. She would later have a public argument with the Canadian Minister of Movies on television regarding the film.
The movie would ultimately provide the spark for the American-Canadian War, due to the organization Mothers Against Canada (MAC). According to "Terrance and Phillip: Behind the Blow", the war would go on to claim eight million lives.
Although the film is never presented in its entirety, parts of the film were shown in South Park: Bigger, Longer & Uncut. The film didn't appear to have much of a plot and included much toilet humor and an excess of fart jokes, typical of Canadian humor in South Park. The film also appears to have a musical element, "Uncle Fucka" being one of the songs included in the film.
The poster portrays a bank robbery, with a Mountie (actually Scott the Dick) chasing Terrance and Phillip, who are dressed as bank robbers. A censored version of Asses of Fire was released, with just one minute of approved footage out of the three-hour film.
At the end of the movie, Terrance asks Phillip if he wanted to see the "Northern Lights", before proceeding to light his own fart on fire, burning himself. After the boys see the film, Cartman makes a bet with Kenny that this was impossible. Kenny tries it and burns himself to death. This incident is used as a casus belli by MAC to lead their crusade against the nation of Canada.
In "The New Terrance and Phillip Movie Trailer", it is revealed that the movie had a sequel, Asses of Fire 2, which, judging from the trailer, appears to be a western. The trailer was first shown during the commercial break of Russell Crowe Fightin' Around The World.