adventure spoof from Hong Kong, unfolds on territory that is way, way beyond the "Valley of the Dolls." Imagine the erotic world of "Basic Instinct" exaggerated into a kung-fu cartoon of sexy lesbian avengers executing quadruple leaping somersaults in a deadly assault against the opposite sex. Their campaign of assassination involves not only murder, but castration and genital mutilation as well.

For all its sexual provocation, the movie, directed by Clarence Fok, fits squarely within Hong Kong's giddy action-adventure genre, which is a cinematic world unto itself. The gore, like the absurdly speeded-up, impossibly balletic martial arts sequences, is transparently fake, and the caricatured soft-core sex utterly devoid of body heat. There is no place for character in a live-action cartoon that hurtles forward at the speed of light.

What makes "Naked Killer," which opens today at Cinema Village, special is its psychosexual sense of humor. Its detective hero, Tinam (Simon Yam), has been impotent since accidentally killing his brother in a shootout and literally vomits every time he picks up a gun. While investigating a series of murders whose victims were sexually mutilated, he senses that Kitty (Chingmy Yau), his leading suspect, holds the key to his recovery.

Kitty is torn between Tinam and the band of female assassins led by the elegant, middle-aged Sister Cindy (Svenwara Madoka), who instructs her in murder and sexual torture. The plot thickens as Princess (Carrie Ng), a jealous former student of Sister Cindy, schemes to murder her ex-mentor, then have her way with Kitty, before killing her, too. Beware of beautiful women with poisoned lipstick, the movie warns.

It would be foolish to read too much meaning into a film that is one long hooting joke at Hollywood formulas and sexual stereotypes. But it must be counted as some sort of accomplishment that "Naked Killer" can treat its subject so lightly that the sex and violence seem as innocent and playful as an extended pillow fight. NAKED KILLER Directed by Clarence Fok; written (in Cantonese, with English subtitles) and produced by Wong Jing; director of photography, Yim Wai Lun; released by Rim Film Distributors. At Cinema Village, 22 East 12th Street, Greenwich Village. Running time: 95 minutes. This film is not rated. WITH: Simon Yam (Tinam), Chingmy Yau (Kitty), Svenwara Madoka (Sister Cindy), Carrie Ng (Princess) and Kelly Yao (Baby).