The Skateboard Kid (1993)
The Skateboard Kid is a 1993 Roger Corman movie about a young teen, Zack, who moves to a new town and is rejected by the new kids there. That is until his skateboard is struck by lightning and becomes a talking, magic skateboard with a creepy mobile face. Oh, and it's voiced by Dom Deluise. It doesn't get better from there.
Why riff this?
1) Picture the puppets in The Clean Club. They're better animated than the talking skateboard is. The magic skateboard, upon which the entire movie hinges, looks like something a junior high might have constructed by a school play and then tossed out for looking too awful. Plus, it's voiced by 90s heartthrob Dom Deluise, who is constantly cracking awful jokes.
2) The film shamelessly borrows from pretty much every other kid's movie. Zack come to town and runs into a gang of bullies. He meets a girl he likes. He has a dead parent. So does she! They conspire to get their parents to date. But mom is engaged to someone else. Oh, and there's a Goonies style treasure hunt to go along with the mystical flying skateboard.
3) Timothy Busfield plays Zack's dad. He's a professional clown. He's not funny in the movie, but he (and Cliff DeYoung) are basically the only real actors in this movie, with everyone else turning in bad dinner theater level performances.
4) It's recorded in "Ultra-Stereo." I have no idea what that is, but it's ultra.
A trailer: https://www.youtube.com/watch?v=i1vM1Mn933Y
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Aaron Maxie commented
This movie was born to be riffed.
As further evidence, IMDB's More Like This section includes "A Talking Pony!?!" and "Munchie Strikes Back".