I bet you do. Seb, have you heard the two Frank Zappa songs, "Cheepnis*", "Debra Kedabra" and "The Radio Is Broken"? All about cheap exploitation science fiction/monster movies. The characters in "Would You Go All The Way" are watching a monster movie as well.
It'll probably be R in cinemas and a special 'unrated' version will be released on DVD (probably called 'unseen' in Britain).
EDIT: How about poster designs for the fake trailers?
* With a long introduction about the film 'It Conquered The World'.