This movie, in my opinion has many of the features of a cult classic.
The acting is uneven, the comedy is uneven, and the plot is a cliché.
But the movie is worth watching (as a cult movie,) for a number of reasons.
1) Ecletic and enjoyable sound track including a fun cover of Ring of Fire (and you can't experience too many covers of Ring of Fire.) 2) A mix of different comic elements such as an amusing car chase, and Forest Gump like moments where Redfish is simply in the right place at the right time 3) Great rock and roll cameos 4) Occasional surreal moments, if you like that kind of thing
Another part I found refreshing was doing a rock and roll movie involving a groupie with no gratuitous sex or nudity. I have nothing against those things, but its refreshing to see a movie that had no need for them.
If you take the movie seriously for a minute, or are looking for a consistent style of humor you will be disappointed. You need to be the sort of person who likes off beat movies simply because they are offbeat.