THE WATERMEN is one of the most terrible of slasher films: one of those films that's completely fake from beginning to end. The awful script was written by somebody with a tin ear who just has no feel for proper, realistic dialogue; what we get instead are insults traded between a group of jerks, the kind of characters who can't die quickly enough.
The storyline is predictable in the extreme and not dissimilar to the similar Icelandic flick, HARPOON. A group of annoying youths take a boat out into the water, only to find themselves subjected to sabotage. They're subsequently rescued by the crew of a fishing boat who turn out to have less than charitable intentions.
The appalling Jason Mewes unfortunately plays the horrid leading character, who gets way too much screen time. He's surrounded by fat, ageing guys playing the villains and various silicon-enhanced bimbos (who spend their entire time parading around in and out of bikinis) as his associates. The gore, when it comes, is entirely lacking and the film as a whole stinks to high heaven. You have been warned.