I first saw this on HBO many, many years ago and laughed my ass off.
Way before "Scream" this little ditty came along and made fun of everything that made horror popular at the time.
A killer called "Breather" stalks and kills young people with such weapons as wooden horse heads and paper clips. There are plenty of sight gags that will make anyone laugh. When this first came out I don't think people were really ready for this kind of film.
Watching this is 2015 makes it even more humorous. The film rips off every film from the time, and the ending is taken straight from "Carrie". If you want a good laugh, see this film and just enjoy it.
It's hard to find now, but it's still available and begging for rediscovery.