Lobster Man from Mars.

A young film student tries to sell his weird movie to a desperate film producer who is in need of a tax write-off. The producer screens the film "Lobster Man From Mars", and what follows is a bizarre sci-fi film-within-a-film: Mars suffers from an air leakage, and send the dreaded Lobster Man to Earth to steal its air. The plot is foiled by a mad scientist, a girl, and an army colonel.