Using Google image search has been. . . interesting.
Haven't found any matches though. Could it be one of the Power Ranger shows? I keep seeing links to those when I do a straight search on "octopus monster", that and something about the Beastie Boys.
Well...found out why you got the Beastie Boys...
[youtube=425,350]http://www.youtube.com/watch?v=GDS83yrM30Y ...a cool octo-monster and robot,though! Cool song too!
...still searching for the real McCoy....