It couldn't have been that crappy of a movie in it's time to recieve all this attention:
Academy Award win and nominations
The parting of the Red Sea won the film its Oscar for Special Effects. DeMille was reluctant to discuss technical details of how the film was made, especially the optical tricks used in the parting. It was eventually revealed that footage of the Red Sea was spliced with film footage (run in reverse) of water pouring from large trip-tanks set up in the studio back lot.
Aside from winning the Academy Award for Best Effects, Special Effects, it was also nominated for Best Art Direction-Set Decoration, Color, Best Cinematography, Color, Best Costume Design, Color (Edith Head, Ralph Jester, John Jensen, Dorothy Jeakins and Arnold Friberg), Best Film Editing, Best Picture and Best Sound, Recording.