I actually use the term 'horror' very loosely when applying it to this movie, really it is just a camp, college movie with a horror element. The main plot doesn't really revolve around the funny little creatures, rather it focuses on the attempts of two rival gangs (the Gammas and the Betas) to out 'prank' each other and claim the much coveted 'pranking' crown. The Ghoulies do, however, provide some comical moments and some of the effects are entertaining.
It is hard to believe that this film was made in the nineties. It has a very dated mid-eighties feel to it, due to the use of directing and scripting styles that were popular during that era, as well as the use of gratuitous nudity, which has become expected of films within this category. These are not complaints, they actually make the movie watchable. After all, the eighties was the decade which invented this genre and to present it in any other format just wouldn't fit. The acting is probably also slightly better than one would normally expect fom such a movie, but then again, the script provides no particular challenges.
There are similarities to movies such as Critters and Gremlins, but Ghoulies never comes close to achieving the same standards. That's not to say that it isn't worth watching, just don't expect too much, and if you enjoy silly films, such as Troma's offerings then you will undoubtedly enjoy this. If you can get it cheap, then this is overall, a fun movie to have in your collection.