aka Leprechaun V: Leprechaun in the Hood
How bad is it? Bad entry in a bad series that doesn't know what it wants to be.
Should you see it? No.
I thought this film had hit its nadir when it went to space in the fourth film, but this one is back on Earth, Compton to be exact, and enters the blaxploitation comedy realm usually left to Wayans brothers. Ice-T has become rich and famous in the rap world thanks to his having the Leprechaun's (Warwick Davis') magic flute. Guys find what appears to be a statue of the leprechaun in the sewer and remove his gold necklace, bringing him back to action. There's a lot of groan-inducing humor (Davis actually says "I'm so bad I'm good" in a nod to the type of film he's in) which might be entertainment if you're high enough; this seems to be the market for the film. The film ends with a musical number that would've made sense earlier, explaining the origin of the green-eyed zombie fly girls. Coolio has a silent cameo. Amazingly, not only was there another film in this series, but this particular film had a sequel.