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What makes a "cult" movie? Generally not from a big studio, typically scifi or fantasy genre related, low budget, cheap f/x and actors either way before or after they become names (if they ever do). I don't know if I have a favorite per say. Ones I'm very fond of: Wizard of Speed & Time, Army of Darkness, Hawk the Slayer, Krull and Wizards...
Oh and as shown by this icon MST3K: The Movie