If you're looking for the more outrageous pop dance wig-outs (Moulin Rouge was mentioned at the 2 year old start of this thread) you might like campy 60's fare like Gumnaam (the one sampled in Ghost World)
I rented "Gumnaam" a few years ago and found it to be fairly boring. The most exciting part is the Jaan Pehechaan Ho number featured in "Ghost World," and that comes at the beginning. The rest was some mediocre murder myster.
Guru Dutt was a good filmmaker from the 1950s, whose films featured some of the best photography I've seen in Indian films. Watch out for the DVD of "Kaagaz Ke Phool," which is cropped from the CinemaScope ratio. Of his films, "Pyaasa" is my favorite.
A recent film I recommend is "Meenaxi: A Tale of 3 Cities." Another good one I've heard of but haven't seen is "Maqbool," an adaptation of Macbeth.