I find it interesting that some people don't feel this movie is worth watching even once; A few months ago I happened across it while lazily browsing the comedy section of Blockbuster, and I instantly remembered how my cousins and I used to watch it repeatedly for a several-month period about eight years ago. We thought it was hilarious, and we used to go around imitating Pat's annoying little giggle and quoting various lines. To see whether my apprieciation of this movie had had everything to do with my young age and nothing else, I rented it again and watched it with a friend. Not only do I still find it JUST as entertaining as I did at ten, but my friend loved it too.
Kyle, the obsessive neighbor who falls in love with the enigma of Pat and makes it his life purpose to find out Pat's gender, is really well played, and even a little creepy in the midst of all the comedy. Dave Foley's portrayal as Pat's...equally androgynous love interest Chris [well in truth, he looks more like a woman as this character], and the appearance of Ween [who rock, IMO] are just a few reasons I love this movie. I'm even able to feel sorry for Kathy Griffin, who plays a neighbor whom Pat won't leave alone.
While I think this film is a comedic gem, I'm not all that surprised that most people seem to feel differently. I'm not always agreed with when I mention the farcical brilliance of shows such as The Kids In The Hall and Strangers With Candy, both of which I LOVE for the way they go almost too far with the ridiculous strangeness of a situation or character.
All in all, yes, It's Pat! is incredibly stupid...And that's the POINT!! Laugh at the intended stupidity, because that's what it's there for.