The Magic Carpet is a ride similar to the Swinging Inverter Ship and the Pirate Ship, but it does not go upside-down. The place where the guests sit are moved in circles by 4 arms. In the middle of the ride sits a genie (in RCT3 it's an oil lamp). This ride holds 12 guests at a time. In RCT3, this ride is named Flying Carpet.
This ride has a somewhat high nausea rating (around 5), so make sure to put a few benches around the exit or a First Aid Room if necessary.
In Real Life
At the Mall of America, the old amusement park, Knott's Camp Snoopy, featured a ride called Screamin' Yellow Eagle. This ride was very similar to the Magic Carpet in RCT2, but it was not themed after a flying magic carpet.
The ride also seems to strongly resemble a ride known as Ali Baba/1001 Nachts/Rainbow, etc., except for those rides, the passengers are sitting sideways instead of facing forward, but they also retain the middle-eastern theme.It also seems to be modeled after some bus and fire truck kid rides.