Shamelessly copied and pasted from: http://www.smitheeawards.com/smithfaq.cfm
The Smithee Awards, or "Smithees," is an annual ceremony which celebrates Bad Cinema. In principle, it's sort of the Anti-Oscars, though in practice it's more like the Anti-People's-Choice-Awards. A number of films are so "honored" each year, and there are nineteen categories in which a movie might win.
Some distinguishing characteristics to help you get the flavor of things: We limit ourselves to titles available on home video, and year-of-release is irrelevant. We clip the films for you; this means you're not forced to watch the whole movie, only the best bits. There are five clips per category, during which we tend to withhold comment and allow the film to speak for itself (though an occasional gut-reaction may slip out). Oh, and the voting audience, not we, are the final arbiters as to who takes the prize (so there can be no possibility of anything being rigged).