Aatami: Things I remember:
- Was a point + click adventure
- Was horror themed (I think)
- Took place on a pirate ship (Possibly a ghost ship)
- I remember a giant squid
- You played as a kid (Don't know if male or female).
- Was possibly released in the late 90's

white26rose: Was it First Person but still used a point and click adventure style? You may be talking about Redjack. I can't remember the full title but I owned the title at one time. You played a wanna be pirate who joins a crew only to get framed and locked in prison by the British. The break out was done in the style of a rail shooter. You're player also could fight with sword at hand in some battles but also could throw items at your enemies in first person mode.

Aatami: Things I remember:
- Was a point + click adventure
- Was horror themed (I think)
- Took place on a pirate ship (Possibly a ghost ship)
- I remember a giant squid
- You played as a kid (Don't know if male or female).
- Was possibly released in the late 90's
- 3D Prerendered environments
- 3rd person perspective

FlameWhip: It doesn't exactly match but the squid thing made me think of "The Mystery of the Nautilus"
http://www.mobygames.com/game/mystery-of-the-nautilus

Namur: Ship and squid ? Eye of the Kraken ?
Not horror themed and it's from '02 though.

Portend: Think you hit the nail on the head, Flame.

FlameWhip: Ok, one more try before I give up. was it VooDoo Kid?
http://www.mobygames.com/game/voodoo-kid