If you're not familiar with that story, it's the one about the big game hunter who has an island mansion where he lures unsuspecting humans to serve as his game. In this iteration, a group of 4 cheery high schoolers get trapped on the island and are forced into playing the role of prey.
There's some more mockable stuff, but I'm not sure this is quite bad enough to fall into the so-bad-it's-good category. I think you might need the help of the added wit of the MST3K guys to really make this one a worthwhile comedy. Still, for completists of the Robert Reed canon, this is obviously a must!