A professor, his grad student/love interest, and a group of partying teens are terrorized by a soldier that was mutated by atomic waste in a local lake. Made for next to nothing, this is done in the style of a 50s B&W B-movie. The acting is intentionally hammy (which wears off its cuteness in, oh, about 3 minutes) and the monster design is intentionally silly. The movie is way overlong--the titular monster doesn't even show up until after an hour! Up until that point, the audience is subjected to endless "Will they/won't they" situations among main characters, goofy scientific speculations, and endless campfire dance sequences. While not a terrible movie, the "old B-movie imitation" thing has been done already (and with significantly more entertaining results) in movies like The Lost Skeleton of Cadavra, Psycho Beach Party, and The Day It Came to Earth. The Monster of Phantom Lake, while obviously a labor of love, brings nothing new to the table and is hardly fun to watch. Definitely skippable.