Although I rented Ghoulies II shortly after it came out on video, absolutely the only thing I remember about it was the scene in which a guy sits down on the john and a Ghoulie pops out and presumably munches on his dangling genitalia.
Almost 20 years later, that's still the only thing memorable about this movie.
The Ghoulies take up residence in a carnival funhouse. The funhouse, AKA Satan's Den, is losing money left and right and is about to be shut down. In a heartwarming twist, the Ghoulies save Satan's Den. As soon as they move in and begin killing people, the funhouse starts making money hand over fist. The Ghoulies save the day - but the jerky owner of the carnival takes over the funhouse anyway...and consequently gets his testicles chewed off.
Any similarities between Station and the Rat Ghoulie is entirely coincidental. Also - Ghoulies are like Gremlins, only they multiple in Solvent, not water. Yet another little known Ghoulie fact - they are easily mistaken for a molotov cocktail inside of a gorilla suit - it's true!
I prefer the more serious first movie to this silly sequel.