How bad is it? It's generally considered the worst Australian film.
Should you see it? Hmmm. Yes, if you like slasher films.
There are dozens of bad films about a killer on a boat and this one is one of the worst. A crew is going to film a music video on a boat, but a killer stows away; his motivation is dicey at best - getting revenge for having been left in a fire (or something... I really didn't care). In typical slasher style, there are way too many characters before they start getting killed and they're all annoying. There's plenty of mullets and bad 1980's clothes and a ton of odd accents. Much of the dialogue appears to have been improvised and it's not exactly riveting: "Nice scenery." There's a lot of continuity errors, especially of lighting (Ed Wood's confused day and night has a successor!), the acting is generally awful and there's plenty of nudity - but none of it appealing. There's a head cut in two, a horseshoe in the eyes and a stabbing through a mattress. The actual "video" being shot is probably the highlight in bad ideas being filmed. It's dull and predictable, but it's also oddly watchable.