That is REALLY Lea Thompson singing this song. The "band" is mostly Thomas Dolby in a studio.
And it was nominated for a Razzie. Which is pretty much the exact opposite of the Oscars. The movie itself was a critical and commercial flop. The movie itself did win the Razzie for Worst Picture - it's abysmal reception led Thompson to accept a role in the movie Some Kind of Wonderful, which she had initially rejected, just to get the stink of Howard the Duck off her career. (I like both movies. I liked Howard the Duck more). The movie has gained a greater cult following now, but not off the evenness of story or quality of Tim Robbins' acting.
Is it a great song? Hell, no. But it's fun, and you can just look at the title bar on this blog to see that we don't really care about greatness here.