In Sharkula, a secluded tourist community on an island is terrorized by a mysterious creature lurking in the shark-infested waters surrounding them. Soon, it becomes clear that this is no ordinary shark - it is a monstrous great white with sharp teeth and an insatiable appetite for human flesh.
As the body count rises and fear spreads throughout the village, a group of seasoned shark hunters set out to catch and kill the beast. However, when they finally manage to track it down, they discover that it has help in the form of a group of vampire-like creatures who have taken a liking to the shark and are intent on protecting it at all costs.
What follows is a bloody battle between the hunters and the creatures, as well as a descent into madness for some of the inhabitants of the island as they grapple with the reality of the situation. It soon becomes clear that the curse of Count Dracula is very real, and that the shark - dubbed "Sharkula" - is just one of the many terrifying results of his legacy.