Happy Hell Night 1992
http://www.imdb.com/title/tt0236283/
Not much different than your typical 80s slasher. The villain is this half-human warhammer swinging demonic priest that resembles Pinhead from Hellraiser very much. I liked it. The acting, camerawork etc. is fine and there was a couple of really cool kill scenes. Not anything revolutionary, but pretty much nice slasher worth checking out.