Deep Rising wouldn't be it. Full of cheesy effects from top to bottom, but generally hilarious. It also has a cast count higher than three... er, when it starts, anyway! I'll check with the movie geek when he comes home tomorrow night. He might have an idea which one this is, or at least more titles for consideration. If it was one of the massively low-budget horror flicks, it may have changed titles half a dozen times, so it may be harder to find.

-D
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It's all fun and games until someone loses an eye texture.