Cover is a reprint from Cracked #1 and #147. The rest of the contents are reprints, but not all from #1. Some are from #2, 3, 19, and Zany #2.
Comment by Tom Smith:
When I was a kid, this was my favorite Collector's Edition. I didn't realize that it was a partial reprint of #1, and included some other articles from different issues. It's still a lot of fun, if a bit misleading since it's missing quite a few articles from #1. I wrote a letter to Cracked after I read it asking for more reprints of early issues. That was the only fan letter I ever wrote to Cracked. I should have written more!
The 1994 Silverstone reprint of #1 is the definitive one. It came bagged with a copy of Cracked Collector's Edition #97. It's pretty much a complete reprint of the first issue and it's a beautiful reproduction. The reason Mark states that it is not an exact reprint is because one or two pieces of art were slightly edited (one to omit some nudity), and a tiny bit of text has been changed (the title of one or two articles, the coupon in the subscription ad, the indicia, things like that). It's 99% an exact reprint, unlike this issue pictured. In my opinion, owning the 1994 reprint is just as good as owning the first issue, if you are a Cracked reader, and can't afford the original. I know I'm happy with it!
Cracked Collector's Edition #70 
