I just showed it to my 13-year-old daughter the other day. She loved it even though she's never seen Raiders of the Lost Ark or even ever heard of Rambo (she had to ask me what it was a parody of).
I once needed a videotape for something, and it was cheaper just to grab a random video from the $1 bin to tape over. I grabbed "Bubba Ho-Tep" because it was a funny name. When I got home with it, one of my roommates went absolutely nuts and demanded that I watch the movie instead of taping over it. And lo, I was enlighted.