This is a prime example of HW not knowing when to quit.
Granted, the movie is funny in some spots -- Especially, if you HAVE seen all the teen movies and know the "inside" jokes like with Molly Ringwald at the end along with the actual actors from the movies they were parodying doing cameos...
But this movie was right at the end of the teen-movie rejunenvation craze of the late '90s (She's All That; Varsity Blues) and this is why it DIDN'T do well at all when it was released.
If they had waited a couple years... like NOW... I definitely think this film would have played better for the simple fact that they were trying to cash in on the teen-movie rejuvenation craze, but it was just too fresh in everyone's mind to really be effective as it would have been if they had waited.
Also, the fact that the movie was rated "R" completely negated those who were its target audience: Teens under 17 -- Which seems pretty self-defeating if you think about it.