Though it is being hailed by some national critics as the "81/2" of horror movies, what lies beneath the surface of "Wes Craven's New Nightmare" — under layers of dark Hollywood in-jokes — is merely another Freddy Krueger slice-and-dice yarn.

Come to think of it, Italian filmmaker Federico Fellini had more imaginative grotesqueries in "8 1/2" than Craven manages here.

The idea is to take us backstage, to show Craven, the writer-director of the original "A Nightmare On Elm Street," and Heather Langencamp, the star of that initial entry in the series, some 10 years later. (The filmmaker and the actress play themselves in "New Nightmare," which was also written and directed by Craven.)

The story has both Langencamp and Craven having nightmares about Freddy. But while Craven is turning his dreams into a new script, Langencamp is stalked by the creature with threatening phone calls (complete with his tongue and saliva coming through the receiver). Later he attacks her husband Chase (David Newsom) and terrorizes their young son Dylan (Miko Hughes).

Eventually, Craven postulates that through some huge cosmic joke, Freddy has managed to cross over from Craven's imagination into reality. And the only way to destroy him is to make yet another movie.

The primary focus is on Langencamp and her son, and there are plenty of gags that allow Craven to take pot shots at his critics, those who feel that his horror movies are too strong for children.

In the film, Langencamp won't allow her son to see the original "Nightmare" movie, but she's still berated by a nurse who tells her that "those films can push an unstable child over the edge." In fact, Langencamp finds that she can't keep her son from seeing the movie. With Freddy in control, "Nightmare" pops up on her television even when the TV and VCR are

unplugged! Ultimately, there is the expected showdown, as Langencamp must rescue her son from the clutches of Freddy in a deep dungeon, a furnace room where they act out Dylan's favorite fairy tale, "Hansel and Gretel." (In addition, there are homages to such movies as "Nos-fer-a-tu," "The Shining," "The Exorcist" and others.)

Some of this is amusing, but much of it is far too inside for the average moviegoer. And despite the "81/2" trappings, the same old "Nightmare" contrivances eventually rear their ugly heads.

Most audience members will probably see "New Nightmare" as little more than a variation on the old "Nightmares" — just another blood-and-guts showcase for the Freddy Krueger franchise.

Favorite line: "Every kid knows who Freddy is — he's like Santa Claus or King Kong!" Unfortunately, there's a twisted grain of truth there.

"Wes Craven's New Nightmare" is rated R for violence, gore and profanity.