if I were alive in '78, and had maybe borrowed some movie cameras from the university and got together with some friends to spend a week making a movie about stabbing babysitters, I could have easily been a millionaire right now
To take your joke completely the wrong way, no you wouldn't. First, you can't just borrow cameras from a university without being a student. Steal them, maybe. While you are at it, you would need to steal a whole lot of lights, a tripod, a steadicam, and various grip equipment. Second, you would have to sell your soul to raise enough money to pay for just the film it would have taken you to shoot it, especially if you are using your friends as actors who are inexperienced and chew through film after messing up multiple times. Third, after paying for processing, and assuming you aren't a student, you would have to sneak back into the university to use their editing facilities. Fourth, you would have had no way to distribute it, having no name actors and no money. I understand your point, that you didn't like this movie and thought it was poorly made, but you have to understand all the hard work and money that goes into making even the crappiest of movies, especially before video was invented.
So no, you would not be a millionaire, but I don't think I have to tell you to ignore me. It just bugs me when people say "I could make a better movie." Criticize a film all you like, but you honestly couldn't do any better. Grumble grumble grumble.