Werewolf in a Women's Prison (2006) is tons of fun.
I really loved this one. It's extremely gory with a pretty cool werewolf (ok sometimes it doesn't look great but other times it does... kinda like a lot of werewolf movies). The shining red eyes are awesome, and you get plenty of nudity. If you couldn't tell from the title, it's an exploitation film. Sure, the budget was clearly low and the cinematography leaves a lot to be desired (kinda looks like it was shot on a DVX), but it's entertaining as hell, the lead lady is very lovely, and the practical FX are damn good for this level of production. They kept the story and characters simple, sending up both women in prison movies and werewolf flicks. It's a unique combination that works surprisingly well. You know Hollywood would never have the guts to do this. The fact they could pull this off at all on such a tiny budget is a miracle that should be applauded. If you enjoyed this, I suggest you track down a little indie called PMS Cop. It's another great one.