This is probably the best parody that National Lampoon has ever done. For anyone who remembers the 70's it is a real blast from the past on the attitudes and stupidity of that time, with some seedy comedy that is funnier than anything going on today. A collection of completely disconnected sketches that are portrayed as if the viewer is channel surfing, this is the perfect movie for a group of immature high-school kids or a group of immature older people to pop in the VCR and laugh (and reminisce) at the 70's. The title character, a dislocated alien beaver, keeps popping up during the movie. I haven't seen this movie (and neither are you likely) since the 1970's, and I can still remember the offensive/hilarious scenes clearly. Not many movies, good or bad, you can say that about.
If National Lampoon ever re-releases it, (God knows why they haven't), make it part of your Blockbuster checkout on a rainy night.