I can accept that re Shoot 'Em Up, but Waterworld?
It has to be a flop naturally: Oh yea.
The acting has to be bad despite trying to be good : Yup
It has to be cheesy but not know its cheesy: It might be one of the most cheesy movies of the blockbuster era. Although Earthquake and Poseidon come close.
It has to be an honest attempt at a good film but then be so painful to watch that you actually feel bad for everyone involved: This film crushed the careers of Costner, Hopper and the woman who's side-boobs you ought to but never see. And that girl didn't make another film until Napolean Dynamite.
Yeah I guess. I just remember watching it as a kid and having fun. The smokers, hopper with the eye, etc. I can't consider it a bad movie if I remember liking it somewhat.