The story has no connection to any of the other movies--since none of the movies so far have had any real connection--except for the Leprechaun himself. And even his character seems to change depending on the film and situation. The story opens with an away team of marines on a search and destroy mission (remind you of Aliens yet?). They are out to hunt down and kill an alien, namely: the Leprechaun. But much to the away teams dismay they have to bring a non-marine--a young doctor--along for the ride
Cut to the Leprechaun's lair down on the planet. There he has his newly kidnapped bride to take for his own. At first she shows some dismay towards her capture. However, after seeing his gold she happily agrees to marry him and usurp her father, a king over the galaxy.
The marines show up and wreak mayhem. The Leprechaun slices one of the Marines up with a knock off lightsaber but then gets blown up by one of the Marine's grenades. The Marines celebrate triumphant. One of them celebrates by urinating on the leftover bits and pieces of the Leprechaun. But then when he gets a shock to his junk we know something is up.
. . .
Good Lord, that has to be the stupidest way to resurrect a slasher villain that I have ever seen. Seriously, his Leprechaun magic travels into this guys junk and then transforms into the Leprechaun. It is obviously supposed to be a joke harkening back to the original Alien scene with the chest burster. But, it doesn't come across very funny, doesn't make much logical or biological sense, and is ultimately just weird.
Most of the jokes after that point--almost every single one a reference to the Alien franchise--turn out to be the same poorly executed crap.
So the crew quickly finds out that this "alien" is on board. The Marine team is sent by their employer (Some bald German guy with a robotic body) to kill the Leprechaun. From there you can guess much of what happens. The Leprechaun starts killing off the whole team one by one in rather strange and relatively uncreative ways.
This movie is just WAY over the top. It is ridiculous in every way possible. Many people complained about how bad Jason X was-- the Friday the 13th entry where Jason goes to outer space--but it doesn't hold a candle to the monstrosity that this film becomes.
It is apparent that the film makers knew this would be absolutely stupid crap and totally embraced. There is a lot of movies that embrace poor production and purposefully moronic writing. This just takes it to a whole crazy level. It belongs in the Full Moon Features library with Gingerdead Man and Evil Bong.
(Although this manages to be a slightly better movie than those two films, but not by much.)
Out of all the Leprechaun Sequels I do have to say that this one is the best. It was blatantly stupid without trying to actually be serious or scary at any points. The ridiculous setting added a slight bit of humor and character to the film while the other two sequels seemed rather hollow of any real quality. This is by no means good film, or even a decent film, but it does manage to entertain more than the other two films. None of the sequels manage to capture the pure silliness and fun from the original film.
Summing it Up
Deaths: 6
Language: 4
Gore Factor: 4
Sex Factor: 2
Scare Factor: 1
Fun Factor: 1
Overall Rating: 2