How bad is it? It's one of the lamer comedies of the decade.
Should you see it? No; maybe if it shows up on TV late at night and there's nothing else.
I'm not sure why this is considered terrible by some people, though it is a comedy with few laughs and a "raunchy" film with no nudity or sex. And the music's bad, even for the era. Well, the clothes scream 1980's. Okay, so it's not good. It does have Phil Hartman, though. Four sailors just out of basic hit the town: a strip club, a comedy club, an aerobics studio and they look for sex, don't find any and end up with pretty good girlfriends. There's not much plot, so it relies on winsome personalities, which depends upon the viewer.