Tom Cruise's "Cocktail," a top box-office hit, won the not-very-coveted Golden Raspberry Award as the worst picture of 1988 and Sylvester Stallone was razzed as the worst actor during tongue-in-cheek ceremonies Wednesday.

More than 200 members of the Golden Raspberry Award Foundation presented the awards of dubious screen distinction at the same moment the 61st annual Academy Awards presentations were being beamed around the world.It was the third worst actor award for Stallone in the past five years. The muscular star was given this year's Razzie for his performance in "Rambo: First Blood Part III."

In its ninth annual awards, the foundation voted Liza Minnelli the worst actress for two performances: "Arthur 2: On the Rocks" and "Rent-A-Cop."

Tied for worst director of the year were Blake Edwards for "Sunset" and Stewart Raffill for "Mac and Me."

The "winner" for worst supporting actor was Dan Aykroyd for "Caddyshack II," while Kristy McNichol was gonged as worst supporting actress for her role in "Two Moon Junction."

John Wilson, head of the Golden Raspberry Awards, explained that "Cocktail" was a surprise winner over "Rambo: First Blood Part III," which was the runaway early favorite.

The Razzies, he added, are meant as a good-natured, comic counter-balance to the Oscars.

Other Razzie "winners" - none of whom was expected to show up at Hollywood's Palace Theater - included worst new star, which went to Ronald McDonald, the fast-food chain's clown, for his appearance as himself in "Mac and Me."

Heretofore, no Razzie winner has attended the awards presentations. But last year's worst actor winner, Bill Cosby, requested his trophy.

This year in addition to beating out "Rambo: First Blood Part III," "Cocktail" beat out "Hot to Trot," "Mac and Me" and "Caddyshack II" for worst picture.

Other nominees for worst actor were Tom Cruise for "Cocktail," Bob Goldthwait for "Hot to Trot," Jackie Mason for "Caddyshack II" and Burt Reynolds for "Rent-A-Cop" and "Switching Channels."

Minnelli topped Rebecca DeMornay for "And God Created Woman," Whoopi Goldberg for "The Telephone," Cassandra Peterson for "Elvira, Mistress of the Dark" and Vanity for "Action Jackson."