This movie just goes to show you that the National Lampoon name doesn't really mean anything anymore. This feels like a low-budget TV Movie, with a simple linear story, basic acting, and a stereotypical cast. However, it isn't "awful"... it is saved by some interesting outcomes I wasn't expecting at all, and a cast that doesn't try to hard with their limited dialogue.
I don't know why they called this "Surf Party" as their is hardly any surfing, and hardly any partying. It's about a stolen surf board, and the short quest to venture from Ventura (see what I did there) into the Valley to recover it.
Since this is National Lampoon branded film, you might be expecting a lot of nudity. But this film doesn't deliver much even on that front... so you will be disappointed if that is all you seek.
Not much to recommend, really. If you're from Ventura or surrounding areas you'll see familiar sites (I enjoyed that aspect at least). However, the "Wonder Years" style of opening and closing seems to be a particularly cheesy flavor for this genre of film.