Masters of Horror Episode directed by Stuart Cohen (Reanimator, Dagon)
Here are previous reviews from Octopunk, Julie, and JPX. They are not nearly as kind. I would actually suggest going with Octo's review as he is the resident Lovekraft expert.
I wasn’t aware that this was an HP Lovekraft story but it makes perfect sense in retrospect. A grad student with little money is forced to rent a crappy-assed apartment like the one I used to rent in Pawtucket from a heartless, slovenly slum lord (sporting the obligatory wife-beater and all). Walter soon strikes up a friendship with his single mom neighbor after saving her from a nasty rat attack. That’s right – a rat attack. Is there anything more traumatizing than having your foot nibbled on by a big, fat rat with a long pink tail? Yuck, I say! Anyway his other less attractive neighbor is an elderly spiritual fellow who spends an unhealthy amount of time banging his head repeatedly against a table. He’s just plain crazy. Or is he? Crazy-old-man-or-is-he takes Walter aside and politely instructs him to beware of the witch in the building who has diabolical plans for him. Oh, and the witch has a man-faced rat at her disposal to do her evil bidding.
I haven’t read the short story (so I really have no business reviewing this) but it was one twisted little yarn - and ideal for the one hour time constraint. It boasted some nice grossness and a couple of “oh-no-they-didn’t!” moments. The depiction of the man-rat could have been a disaster but the magical hands of Stuart Gordon handled it perfectly. Methinks that’s why he is deemed a “master of horror”.