Watch it?
Yes.
Enjoy it?
Probably not.
I'd be too busy trying to make the girl I'm with laugh at my silly dirty puns.
Also, to the fellow above me:
H.P. Lovecraftian style horror is a personal niche of mine, but I never knew Cthulu was based upon water. I was under the impression that it simply sank beneath the waves to it's sunken city when the stars were no longer in the correct phase. As a haven you might say.
Regardless...
Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn