"School Spirit" is weird in the way it introduces an old fashioned Hollywood fantasy formula, and then does nothing with it, save for a few scenes where actors throw water on themselves and fall over and we are supposed to believe that the "spirit" did it.
The main character is a ghost who can make himself visible by running his hand through his hair. The movie establishes this, but most of the action has something to do with a smarmy jerk played by Larry Linville trying to do something that we don't want him to do because he's a smarmy jerk. I don't think the movie really establishes what the Linville character wants, or why we should hope it doesn't work out.
The movie has quite a bit of nudity from random models who I guess were flown in to take their tops off for the camera for a few dollars. None of the main female characters show any skin.
I have to point out that the first word in the title is misleading. Schools must not come cheap for filmmakers; most of these low budget teen sex comedies can't afford one. This movie has only one scene set in a school, a classroom scene. Most of the action takes place in the characters' houses.
What we end up with is a movie that does nothing with its starting premise and follows a subplot that comes too late and makes no sense. The only reason to watch is the nudity, and I guess it delivers on that front, though it disappoints in that none of the actual characters get naked, it's all just topless extras.
Addendum: I have seen many visible boom mics in movies, but this is one of the few where you can see the pole the boom is attached to, as well.