For several years now, a group of like-minded (some would say brain-damaged) friends have been gathering for a bi-monthly showing of movies that would be best defined as (ahem) the Cinema of Diminished Expectations - though we occasionally slip in a movie of quality for its high Psychotronic content, or just plain coolness. In time, someone referred to this as a "Crapfest", and the name stuck.
Special thanks must go to David Harlan for his peerless hosting of the event and his record-keeping before I started blogging about these things at Yes I Know.