The worst movie I have ever seen (that was produced with a legitimate budget) was The Legend of Chun Li. That movie had me catatonic with shock and rage for virtually the entire thing. The Dragon Ball movie was pretty astoundingly bad too, but I saw that coming. Chun Li at least had me hoping for hokie laugh-at-it bad like the old Van Damme version.

I've seen more crappy low budget horror movies than I can count, a co worker and I used to grab the worst looking horror flick we could find every few days and watch them when we were deployed. Gutterballs and Five Across the Eyes are two standouts for terrible movie of the week. The latter looks like it was filmed via handycam with high school girls for a cast, but I assure you I found it on DVD, in a retail location. Both trailers come with a warning of "These are terrible filmmakers trying to get terrible people with terrible tastes to watch their movies. Expect excessive language and violence."