Student Bodies is a little-known horror parody that came out in 1981. It is, in essence, a totally gonzo film: victims are killed by suffocation in plastic bags, the killer occasionally gets winded while chasing people down, and the high school principal and counselor are both clearly insane.
The movie is far from perfect, and it may not have aged well, but several moments reveal not just a gift for slapstick and parody and demented humor, but a nice knack for some a few clever jokes.
My favorite, of course, is the scene wherein the story completely stops so that some narrator can explain to the audience that the filmmakers want an R-rating:
Happy Labor Day, everyone! Enjoy these last days of Summer while you can- I know I am...