How bad is it? Very amateurish and cheap, but not terrible.
Should you see it? Yes. This is generally entertaining, with some major flaws.
Teenagers get marijuana laced with pesticide, so they confront their dealer, who slips on a banana peel and dies. Right there, you know what you're in for. They toss the body in a pond that's polluted by a power plant, so he comes back as a zombie. The zombie now tears out a tongue, rapes a girl (in a scene the film would be better without) and tears her in two and kills one of the teens. The teens then drop their dead friend in the water so they'll have a zombie on their side - genius, really. Then there's a climactic showdown at a teen dance, which is hit-and-miss. Those in the film know they're in junk and play it for laughs, which often works. There's a soundtrack with Violent Femmes, Smithereens and Del Fuegos, which had to be 99% of the budget! There's gore, but it's not scary. There's in-references. There's some surreal anarchic moments. If this had had a budget, it might've been a cult classic.