Directed by Chuck Vincent
Written by Chuck Vincent and Bill Slobodian
IMDB

Forget everything you saw in the hundreds of films made on this subject; this is the quintessential wet t-shirt contest movie. All kidding aside, this is very much along the lines of a bikini movie. Joe's business, a bar, is tanking. His pal gives him the key to success: wet t-shirts. While just spilling water on a woman wearing a wet t-shirt would have been slightly more organic, this plot gave it an economical spin.
The conflict of the piece comes when the members of the local cheerleading squad loses out to one of the (non-cheerleading) townies. This leads to team wet t-shirt contests, that still have one winner-- which is the only plot hole in this flick.
This film was blatantly dumb, it is about wet t-shirts, after all. I enjoyed it for what it was. Judged against other bikinis save a business movies, this was pretty good. It was silly, somewhat madcap and, yes, this movie feature the bare bosoms of many women.
This is on Netflix Instant, so watch and enjoy if you like titties, wet t-shirts and jokes about sexual intercourse.

7/10 (On a "for what it is" scale)