Hunters chase what they think is a man through the forest, though the audience sees he is a werewolf. The hunters never seem to realize this, because after they shoot him, he looks normal when they decapitate him.
A doctor transplants the werewolf's eyes into a man who lost his own in a laboratory experiment. The man, Rich, gets to have sex with his nurse (Stephanie Beaton) before he even gets his bandages removed.
After he leaves the hospital, he finds his wife has been cheating on him too. When a smoke machine sends clouds past an amateur painting of a moon (with a fake tree branch on the foreground), he turns into a werewolf! His torso grows larger, splitting his shirt, and he grows a giant werewolf mask on his head that has red lights in the eyes. His pants stay intact. The mouth chews unconvincingly, though some sort of robotics (or hidden hands) in the eyebrows give him a baleful look at times.
Despite the poor werewolf costume, there is a fair amount of blood and gore, and those are fairly well done. There's even a pretty good decapitation later in the movie. However, when a man falls from a height, a rather bad dummy does the job.
Rich has a friend named Siodmak who is some sort of occult expert, and he also accidentally stumbles across a small man with crutches named Androse who is also such an expert. They try to help him a little.
Rich kills people who have done him wrong. A policewoman investigates the murders and tries to hit on Beaton, who doesn't much care for lesbian scenes so nothing comes of it.
Quite cheap, but between the nudity and blood and gore, and a not-terrible story combining (sort of) The Most Dangerous Game with The Hands of Orlac and The Wolf Man, it's somewhat entertaining. Available on its own, or in the box set Scream Queens Vol. 1.