Street Fighter. It's one of the good bad movies out there. As a kid I was shocked how bad it was but many many years later I grew to sort of love the movie.
Quick, change the channel!

The Fifth Element.

I love the Fifth Element. 

Water World is kind of in the same category for me. I know it is dumb, but it is so darn enjoyable anyway.

Asylum is generally considered making bad stuff so I theow in Z-Nation which isn't a movie but a series, but was a lot of fun.

If we consider movies that are deliberately 'bad', then beside Tucker&Dale vs. Evil which was already mentioned I would also name One Cut of the Dead, which if you suffer through the first 30 minutes you get rewarded with one of the interesting ideas in movies I have ever seen. If you want to see it, watch no trailers or other information, there are spoilers ahead.

Another category is movies that may be seen boring by some (and therefore bad) but interesting by others. One of these is Coherence. Which is at times difficult to follow and may be confusing, but has something interesting to tell.

https://www.youtube.com/watch?v=kxAOewNzz-8

Also I should mention La Antena, again hard to say it is bad, but also it is difficult for modern audiences. It is a modern black&white silent movie.

https://www.youtube.com/watch?v=dMs0n0qUMUY

That is hardly a bad movie. It is entertaining, it tells a proper story, it has high production value. In no category people usually classify a movie as bad it qualifies.

You Don't Mess with the Zohan... I know this movie is racist as hell, but I have a bit of nostalgia, because I watched it many MANY times with my dad, and he still uses some quotes from the movie even today...

I don't know about Akido master, but HE IS a master of bullshido.

loved the Fifth element, it made the future look so cool and fun.  

The other day I saw movie called Split Second, it's a mix of Predator 2, Blade Runner and Lethal Weapon, except with smaller budget and set in England.
Starring Rutger Hauer, it's definitely bad but also very enjoyable.

Jaws 3D and Jaws the Revenge get a bad rep, but I love them both. I saw them when I was a kid (and had them on VHS), so there's some nostalgia involved, but still. The death scenes and music in The Revenge in particular are pretty good.