Eternal Evil Of Asia (1995)
What a fantastic piece of movie making! Given that we're in the exploitation horror genre, anyway :) Eternal Evil Of Asia is quite restless in its quest to bring the best/worst of sex, violence, spooky lighting and delirious camera work to our screens. The story is quite simple - a sorcerer follows a group of men home from Thailand to take revenge for certain things they did there, and begins using his magical powers to mess up their lives in extremely inventive ways. Of course it's up to the women to sort this out, with cutie Ellen Chan - sister of one and boyfriend of another - getting her hands mucky to compete with the sorceror's spells.
Many scenes of hilarious lunacy are mixed in with a sprinkling of nudity and some fairly nasty gore, then blended to a satisfying finish with amazing camera work and generally decent production values for a low budget. It's the sheer creativity on display that will keep you entertained the most, however. The finale is almost transcendental :D
If you're going to pick up a Cat III movie, Eternal Evil Of Asia is quite possibly the best place you could start.