"Cheaply Funny" I think would be the best way to describe this.
It's not really made well, the direction is lacking, and the budget is obviously low...but that really doesn't matter, it's a comedy, and a comedy on a show-string budget still works wonders if it's done right.
And this is done right. The timing is perfect. The acting is hysterical. The plot is far out and completely stupid--and that is a plus not a negative.
It's low budget, low brow, completely stupid entertainment, but it entertains and is positively hysterical. To watch it is to love it.