This made for USA movie is one of the first "so bad it's good" movies I ever saw. Made the rounds to all my friends on VHS and we laughed and laughed. Would be so good to hear you guys do it.
Here's why it's worthy: Judd Nelson trying to be creepy/sexy while flaring his nostrils a lot and constantly making sandwiches.
Practically all the characters are wooden idiots who often laugh for no reason. Also, Judd Nelson's hairy nipples underwater are a sight to behold.
There is also an equally riff-worthy sequel: Return to Cabin by the Lake - won't go into that too much here, but it definitely enhances the first film since the original was trying to be scary and accidentally made something hilarious, the sequel (after the news broke that everyone was laughing at their film) tries to be a black comedy but looks more like a goofball comedy except with murder. Also Judd Nelson has to hide his identity in that one behind mountain-man beards and trucker hats.

http://www.rottentomatoes.com/m/cabin_by_the_lake/
https://www.youtube.com/watch?v=FjKtdlyr7pY