Definitely a bad movie. Whether it's considered a good 'bad movie' or not is up to your tolerance.
The story revolves around a new type of were-creature -- a queerwolf. What this means is that a straight man (be it the All-American variety or the one who fantasizes about dinner at Hooters) can become every gay stereotype when the moon is full.
Amusing if you aren't offended by a classical stereotype of gay men wanting to dress in drag and lisping and swishing up a storm. It is not mean-spirited, so it can be enjoyed if taken in that context.
More amusing is some of the classic werewolf/horror 'spoof' moments sprinkled through the film.