How bad is it? Typical slasher film with a slow start and intentional camp.
Should you see it? Only if you're a huge fan of one of the cast.
Former cheerleaders (and a more reserved friend) go on spring break, where they get stalked by a killer wielding medieval weaponry. There's no killing in the first half hour, but lots of bikinis. Some former wrestlers make appearances (Jerry Lawler, Sal the Stockbroker, Beetlejuice), as do scream queen Linnea Quigley and porn star Ron Jeremy. Nicko McBrain, the drummer from Iron Maiden sings during the closing credits. It's often played for laughs, but isn't funny, and the horror elements are all seen-it-before. It looks a lot like "Piranha 3-DD," which I have on my "yet to be reviewed" list.