Watched this film with friends, got drunk, cool evening!
The story takes place on some random island inhabited by a giant Komodo and a supersized, swimming Cobra. A group of people, including an alcoholic sea captain and a few bimbos, one of which is a scientist, end up being stuck on this island with nowhere to run.
What I found most enjoyable about this movie was the utter lack of the following: script, good acting and realism (apart from the giant creatures of course).
I you are the sort of person who enjoys seeing a giant komodo run after a chick with baywatch-size knockers, this film is for you. Otherwise, you might find this movie to be somewhat of an offense to your intellect.
(By the way, Jay Andrews (Wynorski or whatever this guys name is) did another film, Shockwave, with the exact same scenario, except that the cobra and komodo were replaced by alien robots, good stuff).