The Evil Dead franchise is awesomely bad, Leprechaun in da Hood, the first Child's Play (try to spot the scenes where it's actually a midget in a costume) as well as most of the Full Moon Features catalog.
> The Gingerdead Man 2: Passion of the Crust (two words: Haunted Dildo)
http://www.youtube.com/watch?v=UXJkJnOT6eQ
> Anything from the Puppetmaster Franchise (including Puppetmaster vs Demonic Toys, starring Corey Feldman in the worst role of his life... aside from his music)
http://www.youtube.com/watch?v=19fb5E6Tvvg
> Demonic Toys (in which a demon fetus needs to "do the nasty" with a pregnant cop in order to be born)
http://www.youtube.com/watch?v=wH6fokAYjMQ
Also, the Fog is ridiculous but may lean to bad rather than hilariously bad. My best friend and I still regularly quote Joy Ride, but the sequel is pretty cheesy and will probably fit your criteria a little closer. Darkness Falls may fall closer to a legit horror movie, as well as Dead Silence. I think The Thing is really good, but it has pretty dated effects which makes it a little cheesy but awesome.