After Russia bombed and invaded in 1957, Las Vegas is the last bastion of freedom. When Elvis, the king of renamed Lost Vegas, dies, every rock-n-roller out there starts to cross the wasteland, vying to be the new king. There, that gave you the basic premise. What about the movie itself?
It is awesome. Even though it's a low-budget thing, everything came out impressively well. The guy who played the main character (a Buddy Holly look-alike) is a real martial artist, so the fights felt more authentic than you usually get from something like this, and the rest of the movie just goes to show what can be accomplished with a judicious level of grunge and the proper application of slow motion.
If you like post-apocalyptic things, ridiculous characters, Rock and Roll, kung-fu movies, Communist armies, and/or nice shoes, you will be entertained by this movie. I mean, when you have a character named "Death," who looks like Slash and, upon finding the broken bodies of a Commie army says, "Only one man can kill this many Russians. Bring his guitar to me," how can you go wrong?
Now, I think I need to go and make sure my truck has a ratchet in it. Just in case.