Should you see it? A marginal yes. Once impossible to find, seek the 25 year anniversary edition.
This is NOT the Wes Craven TV film of the same name form 1984! I think many of the positive reviews for this are for the wrong film.
I saw this on a terrible VHS print that I thought was missing half of the film, but the run time is only 43 minutes. The sound is muddy and roaring at times, so dialogue is hard to hear. A girl is invited to what she's told is a costume party, but being a virgin, the others there plan on using her as a living sacrifice in a ritual. It's very weird, there's some homoerotic content, there's some violence and just a bit of nudity, but there's nothing you haven't seen done better somewhere else. Still, for a film made for a reported 1500 pounds, it's not without its cheap charms and is briskly paced.