There isn't a single problem in this entire world that isn't solved by throwing Ice-T at it. The scientists at Leprechaun incorporated sacrificed every ounce of breadth putting their guy in deep space. So with no further boundaries to cross, we're brought back in to awesome Compton for one more chapter.
The story opens in New York in the seventies, with Ice-T sporting an enormous afro and bell-bottoms. T and his flunky bust into an abandoned building to discover a huge cache of gold piled around the Leprechaun in his familiar statue form. T is immediately attracted to a gold flute at the top of the pile, leaving the flunky to gather up all the rest. He foolishly reaches for the medallion hanging from the statue and promptly gets his neck sliced open by the revived Leprechaun. T manages to escape when, in the middle of a scuffle with the Leprechaun, the medallion is flung into the air and lands squarely on the Leprechaun's shoulders.
Flash forward 25 years and Ice-T has become the kingpin of a successful gangsta rap label. He's approached by a trio of young rappers with terrible rhymes about positivity and non-violence, who, given Ice-T's reputation, have obviously come to the wrong producer. He kicks them out of his office.
Later, the young rappers decide to exact retribution by breaking into T's apartment and stealing his stuff. One cracks into a glass case containing the Leprechaun statue and swipes the medallion. They're interrupted when T unexpectedly walks in. Postmaster P, the do-gooder of the group, shoots T and then goes through his pockets, still dazed by his surprising act of violence. In one of T's pockets, he finds the flute.
He discovers later that this is a Magic flute. When he plays it, others in the vicinity are immediately transfixed. He blows it before the trio plays a show and all of a sudden, everyone's on their side.
Anyway, it turns out that Ice-T isn't actually dead. The bullet is stopped by his gold chain and he gets up moments after his attackers leave. So now the young rappers have to fend off the attacks of both Ice-T and the the Leprechaun.
Do they make it? I won't say. But I will say this: their plan of defense hinges mostly on cross-dressing. Lots of it. This movie is up to its freakin eyeballs in cross-dressing. That's not all though. Leprechaun V goes for laughs in every bizarre stock way it can remember. There's goofy dancing Asian dude; there's get the Leprechaun high; there's a blind woman trying to feed collard greens to the Leprechaun only she keeps missing his mouth!; and there's a crapload of men dressing up as women. Leprechaun V leaves no stone unturned to try to get a laugh and occasionally it succeeds.
Also, Leprechaun V contains a blatant violation of its own rulebook. The heroes manage to trap the Leprechaun in an iron safe, which is supposed to completely neutralize his powers, yet somehow he's able to telepathically contact his small force of scantily clad ghetto chicks to come to his rescue.
Plus, there's actually a copy of "Leprechauns for Dummies" featured prominently in this movie. And it's huge. So maybe somewhere in there is the explanation for the iron-immune telepathy. At the very least, I'd like an explanation for why the little bugger hadn't used that particular skill until the fifth movie.
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