If you need a good laugh, here's the comedy for you.
Let's start with the characters, which are all stereotypes or over-the-top whack jobs. After 25 years of not doing anything, an escaped mutant beast finally decides to eat something, so mutilated corpses start floating to the surface on the beaches of a Caribbean island. No sea monster movie is complete without the dumb local cop who ignores a scientist's warnings about the problem. The idiot teen angst son who just keeps getting in his Daddy's hair, needs to be put on time out. Local voodoo dancers that look like they're practicing for a primal scream contest. Military with enough fire power to blast the Western Hemisphere to rubble, but if brains were dynamite, they wouldn't have enough to blow their noses.
But the best is the paranoid beach comber ex-scientist (who didn't age at all in 25 years). I love his "under the canoe" playhouse, where he stares wide-eyed at anything he sees, and whines incoherent gibberish hysterically.
There really was a decent original idea for a story, but the director throws so much extra stuff at you, it's buried under a Caribbean Sea of dead-end sub plots and meaningless banter. The story suggests an evil secret involving the creature, but instead of exploring this, you'll just see pointless padding, like the romance with an island beauty liking the knucklehead kid. The two scientists rekindling their dead marriage serves no purpose either.
I pity Craig T. Nelson, who took the thing seriously, and tried to make the most of his character. The director is to blame for the weak construction of the film which ends up being unintentionally funny. There are a few good moments involving the creature, but not enough. Most of the time you'll see the increasingly obvious red dye to simulate an attack, or the beast standing two feet away from a victim staring dumbly. Entertaining stuff, but as comedy, not horror.