Any list of this sort almost inevitably devolves into choosing "overrated and I didn't like it becasue of X" movies rather than the ones that will truly make you feel like two hours of your life were utterly and completely wasted.
All sequels should obviously be exempted from this list, since they are almost all terrible and thus are too easy. With the exception noted below.
To be really awful a movie has to be something you expected to be decent, because of the director, the actors, or maybe a book it was based on. Or maybe because it's a sequel to a really good movie.
If it's a sequel it has to have been so bad it ruined the original. Think "Matrix Reloaded" rather than "Superman III".
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