Affectionate spoof of low-budget, schlock cinema. Morty Fineman (Stiller) has directed more than 400 "B" movies, which has made him a legend in certain circles. His latest project has gone bust, leaving him facing bankruptcy once again, but he's sure he has a hit with his next idea--the rights to the life story of serial killer William Henry Ellis (Hankin). Now Morty just has to convince his exasperated, estranged daughter Paloma (Garofalo) to help him raise the cash for his new opus. Faux trailers from some of Morty's epics and interviews with various co-workers, admirers, and cast are among the inspired bits.