It gets worse!! Waxwork II is terrible, really really bad, but yet again, in a knowing, self mocking, cheesy way... It's basically a 1980's (well 1992) Scary Movie... not sure which is better to be fair.
Actually, I do know. Waxwork II has Bruce Campbell in it. He pretty much saves the film.
WII:LiT, carries directly on from where the first one left off, although there's been some bizarre accident and now the girl is played by a different actress, who looks much like Daryl Hannah, but clearly isn't.
Billy, sorry Mike must clear Sarah's name and ends up battling the various forces of evil. That's pretty much all you need to know, plus whereas the first film went for the classic horror monsters (frankenstein, wolfman etc), numero duo goes after Alien for instance, and then a load of other random stuff.
Oh and then there's the rap song over the end credits. Priceless!
Waxwork II: Lost in Time - 5/10