It's too easy to pick on no-budget indes (at least most of them do remember to add the exploitation, unlike their big-budget Hollywood counterparts).
Maybe not the worst five, but five really bad clunkers from recent memory:
Gothika
The Godsend
The Haunting (remake, of course)
Van Helsing
THE VILLAGE!!!!!
And how about Butterfly Effect? It was so bad I don't even know what genre to list it under (unless "crap" can be considered a sub-genre). Underworld was also a really stupid sci-fi movie, but it was defintely pushed toward the horror genre by its advertising campaign.
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