Starting off in the 1970s, a couple of small time crooks, lead by a chap named Mack Daddy (played by rapper Ice-T), stumble upon a Leprechaun's lair and find him turned into stone, thanks to some magical necklace round his neck (you might remember a similar necklace having the same effect in Part 3).
Flashing forward to present day and Mack Daddy is now a successful record producer, thanks in no small part to his stolen Leprechaun gold and a certain magical flute, which has the ability to turn his music into gold (or gold selling records anyway). But when a small time rapper named Postmaster P (Anthony Montgomery) and a couple of his buddies decide to break in and steal all Mack Daddy's gold, they unwittingly set the Leprechaun free who subsequently goes on a killing spree.
Discovering the Leprechaun's flute's magical abilities, Postmaster P and his friends suddenly find their careers are suddenly on the up. But with both the Leprechaun (Warwick Davis) and Mack Daddy now after them, they're going to need the luck of the Irish if they hope to stay alive and hang on to the loot.
After being slightly disappointed by Part 4, I was pleased to find that this 5th entry was a vast improvement. The Leprechaun is back on fine form spouting politically incorrect limericks as he wreaks murder and mayhem. Though I'm not sure when he developed the ability to turn people into his zombie slaves, but then that's par for the course with these films.
Overall, I'd say this one is good fun, and you don't really need to have seen any of the previous movies to enjoy watching this as this is pretty much a standalone film. Though I wasn't sure if this was meant to be a prequel of sorts to Part 3, as that film also featured a Leprechaun that had been turned to stone due to an amulet necklace. Plus this one finishes in Vegas, where that film starts, but anyway that's not important.
If you're in the mood for some light hearted nonsense involving gangster rappers taking on a killer Leprechaun, who spouts crude rhymes whilst getting high on weed, then this is the film for you!