Ed Wood
A film maker known for his awful movies and transvestite tendencies, Edward Davis Wood, Junior (October 10 1924 - 1978) is probably the most famous lousy film maker in existence. Ironically, the very lack of quality of his movies has earned him and his films a considerable cult following.
A brief listing of his more significant works (in no particular order):
Ed Wood eventually fell to making pornography, and died destitute. He was largely forgotten until he was posthumously awarded the Golden Turkey Award for worst director of all time, a move that ironically earned him and his films a healthy cult following.
The film Ed Wood tells the story of Wood and Bela Lugosi, and the making of the three films they did together (Glen or Glenda, Bride of the Monster and Plan 9 from Outer Space). Wood is played by Johnny Depp, and Martin Landau won the Academy Award for Best Supporting Actor for his portrayal of Lugosi.