I didn't find it to be hilarious, but it is an amusing horror spoof; generally I've found horror comedies to be funnier than horror spoofs.
The movie starts by noting how many horror movies have been made recently, and that they've all made money. We see a shot of a house at night with ominous music, and a caption reading "Halloween." This fades out, and then fades back up with the caption "Friday the 13th," which fades out and is replaced by the caption "Jamie Lee Curtis' Birthday" (the movie doesn't say, but that is November 22). This is an early indicator of the cheap and silly humor of the movie.
A heavy breathing killer wearing black boots and green rubber gloves makes phone calls to the babysitter in the house. After she looks outside for a cat that turns out to be a meowing dog with gas, she leaves the door unlocked (a caption and arrow call additional attention to this fact). Her boyfriend shows up, he's turned on by something that should be a turnoff, but he leaves the room (this series of actions repeats throughout the movie). The killer enters the house, and picks from a collection of weapons under a rolltop desk: a gun, knife, noose, hatchet, pack of cigarettes, paperclip. He picks the silliest one, of course. The girl dies by the silly weapon, and the guy gets killed by suffocating in a large black trash bag (this MO repeats too; the weapon is always different, but always silly).
A number of people at the school wear the same things the killer does, making them suspects to the audience, who knows, but not to the police. In fact, I'm not sure there are police - the school itself seems to be in charge of investigating the murders. The one person in the movie that becomes a suspect to other characters is a virgin girl.
Lots and lots of silliness in the movie, too much to cover. Anyone that likes silly spoof movies is likely to find something to make them laugh here.
Whatever happened to the actor "The Stick"?
