This isn't exactly the first issue of Cracked. I got it from Cracked Collectors' Edition #70 published in April 1987, which doesn't feature the whole issue. Some of it is from other issues around that time. My guess as to why is that there were topical references most readers wouldn't get. Most of it (from March 1958) is featured, though.
Here's the cover by Bill Everett following the first rule of humor magazines—fill the page with as many things going on as possible. Somewhere is the original mascot Sylvester P. Smythe and their co-mascot Veronica that appeared in the first few issues.
This Shut-Ups installment on the inside front cover by Bill Ward is actually from the second issue of Cracked.
This subscription ad by John Severin has the newer address and prices for the magazine. The original concept was because the magazine was called Cracked, the magazine had cracks everywhere which Sylvester P. Smythe was always trying to fix.
When Mad was doing movie and parodies that were “A Look At” or parodies of a type of movie, Cracked was doing the full parodies Mad was eventually most famous for, like this parody of Gunsmoke by Russ Heath
After that is How to Build a Hot Hot Rod
Now the first spoof to be drawn by John Severin, of The $64,000 Question
From back when comic strips were still big enough to parody.
Their first interview, by Russ Heath, with Mike Wallace interviewing Jayne Mansfield
Then there's a profile of “Chef of the Month” by John Severin
This piece by Don Orehek was several pages, but only the first one is reprinted in this special.
Another Severin-illustrated article, “How I'll Beat the Champ”
Cracked Brings You Greetings, by Bill Everett
Your Christmas Shopping Guide by Severin again.
Shakespeare, the Bard Who Wrote by the Yard by Joe Maneely
It says Al Williamson is credited as doing something for them, the only thing he ever did for them, but I can't figure out what, unless it was this.
Next is a one-pager drawn by Bill Ward, which is actually from Cracked #2.
Wacky Inventions, by Joe Sinnott, is from Zany #2.
The parody of Bridge on the River Kwai is also from the second issue of Cracked
As is this spoof of American Bandstand.
Next week: Cracked #5.