The main character, as well as Hogan, is Australian. He eventually married his co-star, Linda Kozlowski, and followed up the movie with with two sequels, Crocodile Dundee II (1988), which enjoyed a similar level of success, and Crocodile Dundee In Los Angeles (2001), which didn't.
Warning: wikipedia contains spoilers
The plot concerns Mick "Crocodile" Dundee (so nicknamed because he allegedly fought a crocodile and lived to tell the tale). He falls for an American journalist who comes to the outback to interview him, and returns with her to New York City, where he is faced with a culture he doesn't understand. Most of the humour is drawn from his attempts to adapt to the unfamiliar features of this society, such as crowds and crime.
Most famous quote from the movie: "That's not a knife - THIS is a knife!!"