80s teen comedy used booze balloons

I remember seeing this movie on hbo in the mid 80s…it reminds me of fast times…as it followed 2 guys and their adventures with chics and against rivals.  In one scene the two main characters put some hand lotion in the engine compartment and drive to an adult theater…the movie at the theater is called snow white and the seven dumb dumbs. ..so these guys put the lotion in some water guns and fake out the audience by making it seem like they are masturbating.   In another scene they are being chased by some rivals and escape by shooting them with booze balloons…in another scene one of the guys is arguing with a lunch lady about red meat making people violent.   I can’t recall the name of the movie…does it sound d familiar to anyone?

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