Saw it once on the television years ago and that was enough. It's an example of Spielberg at his worst. He took the cast from one of his favorite movies (Animal House) thinking it would recreate the same comedic magic the film had but instead it just turned out to be movie where people yell and scream into the lens.
There's some fun gags but, in the end, it's a loud movie meant to be loud. One of the biggest sin I found was that it had Toshiro Mifune and Christoper Lee working opposite each other and it's utterly terrible!