Well, under some releases and America it was released as 'The Crawling Eye' has some scientist trying to save a town in Switzerland? Is that the one you're thinking of?
If so, it's available on Netflix currently as a queue-able so you'll have to watch it on DVD BUT if you can take the silliness, you can watch it on demand as Mystery Science Theater gives it their treatment.
Don't have Netflix? Usually the first month is free THEN its about 10 bucks a month for 1 dvd at a time and unlimited on demand viewing. I've gotten rid of about 40 bucks of cable bill by getting rid of the movie channels and trimming some other channels off and going to Netflix. In the end I would have trimmed off the others anyways but it's nice to be able to watch a movie every once in a while.
Dug Deeper, you mean THIS one http://www.imdb.com/title/tt0168798/
Which unfortunately for me is NOT on Netflix nor could I find it on Amazon.
Sorry, it looks like it would be fun by the description.