Is this a low budget movie?: YES
Is the acting bad?: YES
Is this movie a bad one?: NO DOUBT
BUT, is this movie entertaining?: YES, but only in limited periods of time. If you want to enjoy "King Cobra", you have to block out all expectations of this being a great film, and just erase your memory of great films you've previously seen. Only if you do that, there's a possible that it will entertain you. One thing that helps a bit, it that the special effects doesn't look that bad. But since this is really low-budget, the big snake hasn't that much screen time. And for the opening scene, just forget that it was part of the movie, because it has to be one of the worst scenes that I've seen. Ever.