"Three frat boys sneak into the Tri-Delt sorority to witness the initiation of new pledges and are caught. The pledges must go to the local bowling lane and steal a trophy, aided by the unwanted frat boys. An accident causes the trophy to break, releasing an evil imp who then begins wreaking havoc with the teens, who begin suffering an attrition problem."
I remember this gem from the bargain bin at the video store. We used to watch them on a Saturday night. My friends and I watched this and then Hollywood Chainsaw Hookers. Classics!