My favorite was "Flesh Gordon".

Please allow me to reproduce the Wikipedia plot synopsis here:

"The storyline is reminiscent of the original Flash Gordon films, but with a generally campy sexual flavor to it. The character names are weak sexual innuendos, based on character names of the original serial, including the hero Flesh Gordon (Williams); his love interest Dale Ardor [instead of Dale Arden] (Fields); the evil Emperor Wang the Perverted [instead of Ming the Merciless] (Hunt); Dr. Flexi Jerkoff [instead of Dr. Alexis Zarkov] (Hudgins); Amora, Queen of Magic [instead of Princess Aura]] (Brandy); and a gay Robin Hood-like character called Prince Precious [instead of Prince Barin] (Larsen).

"The plot has the Emperor Wang aiming a "Sex Ray" at the Earth from his home world of Porno [instead of Mongo]. The entire planet becomes hopelessly sexually obsessed, and it is up to Gordon to stop the rays. The film uses nudity whenever possible, and the scenes are shot in a style nearly identical to the original Flash Gordon serials. As an example of the dialogue, the rocket ship has just landed on the planet Porno. A long necked, sauropod dinosaur with a glans-like head is seen out the window in the landscape. Flesh asks Dr."J", "What's that"? "Must be some kind of penisaurus", Dr. "J" replies matter-of-factly.

A towering, demonic-looking creature, the Great God Porno (voiced by Craig T. Nelson), brought out of hibernation by Emperor Wang steals the show with his brief appearance, muttering all manner of obscenities in a very un-monster-like velvety voice. Example: Flipping the bird at the title character and grumbling, "Up yours, Gordon!" The monster's fate is a major plot point."

http://en.wikipedia.org/wiki/Flesh_Gordon

And note the major Hollywood names associated with this masterpiece...(Respected Character Actor) John Hoyt, Craig T Nelson, John Dykstra, Tom Reamy (no, I'm not making this up)...

Brilliant!