TV's Saturday Night Live has been like the evil twin of the legendary alchemist's stone, which supposedly could turn lead into gold. SNL usually does the opposite, taking rich comic premises from short skits and extrapolating them into overblown and unfunny full-length films. ("The Coneheads"? Puh-leeze!) But this film proved to be the exception, thanks to Mike Myers's wonderfully rude lowbrow humor and his full-bodied understanding of who his character is. Wayne Campbell (Myers) and his nerdy pal Garth (Dana Carvey) are teens who live at home and have their own low-rent cable-access show in Aurora, Illinios, in which they celebrate their favorite female movie stars and heavy-metal bands. When a Chicago TV station smells a potential youth-audience ratings hit, the station's weasely executive (Rob Lowe) tries to coopt the show--and steal Wayne's new rock & roll girlfriend (Tia Carrere) at the same time. It's filled with all kinds of knowing spoofs of movie conventions, from Wayne talking to the camera (and forbidding other characters to do so) to hilariously self-conscious product placements and labeling a moment a "Gratuitous Sex Scene." Dumb--and very funny. --Marshall Fine