I haven't seen the first two (I'm waiting until I rent everything else in the video store), but when I saw the title I was prepared for something lame and cheesy. And although the camp factor was (very, very) high, this really wasn't as bad as I expected. The opening scene involves Laura (Samantha Scully), a young, blind psychic, sleeping, trying to establish a psychic link with a comatose psychotic Santa Claus killer (Bill Moseley) named Ricky Caldwell. (Did I mention half his skull is missing?) She has some disturbing dreams about said psychopath, and the doctor in charge of the experiment thinks she's not telling him everything she knows.
Laura is leaving to visit her grandmother, as it's Christmastime. She tells the doctor she isn't sure she wants to continue the experiments, but she'll discuss it after the holidays. The receptionist isn't particularly kind to her, but her brother arrives soon and they are on their way.
Later on, we see Santa visiting Ricky, making bad vegetable jokes. Ricky suddenly wakes up and kills the jolly old elf, as well as the receptionist and anyone else who gets in his way. He hitch hikes and kills a driver, stealing his clothes and vehicle. It seems he and Laura have a psychic link, and he soon locates her grandmother's house. Carnage ensues.
Overall, not a terrible movie. Some classic bad slasher moments, like the two girls know the killer is in the house, and they stand around apologizing for being mean to each other and hugging. Come on! Samantha Scully is believable as the angsty blind girl, and Bill Moseley is great as the mute, deranged killer. It's not much more than a bizarre twist on your average slasher flick, but it held my attention for 90 minutes, mainly because it was so friggin' stupid.
Here's a breakdown of my rating: it gets one Trioxin barrel simply for being a cheesy slasher flick with no explicit sex. I mean, I don't expect horror movies to be PG-13, but unnecessary sex has ruined so many movies. The second barrel for being a slasher flick with half-decent acting and scripting (remember, i said "half-decent," not "good"). The half-barrel? Because it's got Bill Moseley as a main character, and he has a head injury. A really cool head injury too, the blood sloshing around in the plexiglass thingy was the best thing about this movie.