Yes, Mega Shark vs. Giant Octopus is a real movie - released straight-to-video earlier this year, and aired on the SyFy Channel (that's what it's called now) channel last evening.
With an all-star cast featuring Debbie Gibson and Lorenzo Lamas, and a dynamite trailer - I'm sorry I missed it. But not that sorry, you know?
As you can probably tell from the picture above, Mega Shark has a penchant for jumping out of the water and biting things that are made out of steel. For example, just look at what Mega Shark is biting in this scene...
