The third Ghoulies film, released in 1991.
A college professor tries out some occult spell and summons the ghoulies. The things then start causing mayhem across the campus ground.
This film has examples of:
- Alcohol Hic: Affects one of the Ghoulies after they start drinking beer.
- Belly Mouth: Prof. Ragnar develops one, along with the rest of a whole face, as the dark magic takes a hold on him.
- Big Bad: Prof. Ragnar, who summoned the ghoulies.
- Bound and Gagged: Veronica at the climax of the film.
- The Can Kicked Him: The ghoulies kill Wesley by flushing him down a toilet.
- Cartoon Bomb: One of these is used when a rival college member tries to blow up his rival's dorm room, one of the Ghoulies beats him to death bloodlessly with a frying pan which causes the bomb to fly out the window and into the security guard's golf cart, which causes a massive explosion that only leaves him with blackened skin and burnt clothes.
- Cruel and Unusual Death: Veronica meets her end when she's smothered with a plunger and has her face stretched out.
- Fanservice Extra: There are several nameless topless girls throughout and a couple get a full-frontal scene during the shower scene.
- Filling the Silence: As this is a comedy, the Ghoulies are contractually obligated to destroy any semblance of tension in stalking or action scenes by mumbling and muttering incessantly to each other.
- "Kick Me" Prank: In one scene, someone has a "Born to be Neutered" sign stuck to their back.
- Ms. Fanservice: Veronica spends a lot of time in her underwear. She also gets out of it in her shower scene.
- Numbered Sequels: And now with a subtitle.
- Overly-Long Tongue: Miss Boggs has her tongue stretched out really long and used to strangle her,
- Put Their Heads Together: The fishman ghoulie does this to the rat and cat ghoulie a couple of times, as a homage to The Three Stooges with the fishman playing the part of Moe.
- Sequel Hook: The film ends with the Fish Ghoulie's hand reaching out of the toilet the Ghoulies were summoned from and crushing a beer can while evil laughter is heard.
- Shower Scene: The ghoulies spy on some girls taking a group shower, and do a running commentary for it.
- Spit Take: Skip and his dorm mates all do one when they find their frat house demolished.
- Suddenly Speaking: The ghoulies are now able to speak; in previous movies they made various growling and gurgling noises.
- Totem Pole Trench: The ghoulies enact this trope when ambushing Veronica.