Yeti: Giant of the 20th Century
Oh, yes, yes. A thousand times yes. At exactly 5 minutes in this movie starts thawing a yeti out of a block of ice... with flamethrowers. It's got dopey dialog, it's goofily acted, has a big derpy unscary monster, kids who I am pretty sure are going to get annoying and troublesome - probably release the monster or feed it after midnight or whatever - and it's Italian. Plus a bonus, according to the credits - The Theme "Yeti", played by "The Yetians".
Full movie on YouTube: https://www.youtube.com/watch?v=Mh7rKslDbb4#t=14
This movie may , in fact, have been created solely for the purpose of being riffed. The now defunct website Bijouflix reviewed the film ages ago, calling it "The Attack of the 50ft Oak Ridge Boy" LOL! And, again, public domain, so it's free cheese.
Toyland Chairman commented
The Yeti is essentially just a guy with more hair on his body. It's really silly. And a majority of the film is set in Toronto, Canada. That's kind of refreshing.