OK, I'll try to sum it up. First, a Captain Ahab wannabe scientist discovers a half piranha, half anaconda in Hawaii. He gets one of its eggs and escapes, only to be kidnapped by some criminals whose activities are unexplained. Meanwhile, a low-budget film crew is shooting a lousy horror movie, though it can't be as terrible as this movie. The criminals kidnap part of the film crew to hold them for ransom, but they run into the piranhaconda, and then a second piranhaconda shows up for good measure. It's never really explained how a piranha-anaconda could create a hybrid breed, and it's also never explained how it wound up in Hawaii, which is not native to either creature. The film stars Michael Madsen as the mad scientist/hostage and Rachel Hunter as the diva star of the terrible movie, both obviously in it for an easy paycheck. It was produced by none other than Roger Coreman, who made several terrible science fiction films in the 1950's. Here, he proves that he hasn't lost his touch- he can still make terrible science fiction movies. In place of unconvincing zipper-backed monsters, we have unconvincing computer animated monsters, complete with laughable death scenes where even the victims seem to have difficulty keeping straight faces. The Sci Fi Channel strikes again, strikes out that is.
Review of Piranhaconda
