How bad is it? Somewhat below average quality, but by no means terrible.
Should you see it? Sure. It's entertaining despite itself.
Alice Cooper stars as a rock star who goes back to his hometown to shoot a video (two complete videos are embedded in the film), only to hear that people seem to be getting killed by wolves. Then there's a rumor that Cooper's father was a werewolf. There's a lot of dry ice and blue lights and one set seems to be used for everything. Everyone's dubbed - it was shot in Italy - whether or not they speak English. The director's famous for doing "Troll 2," but this is not like that. There's a nightmare sequence and a twist ending that'll leave you scratching your head and the monster dog (which can control other dogs) is a not-great puppet. It's all very lightweight and silly, but charming for what it is.