Someone, please help me find this b-movie!!!!!

[Christine LeBlanc]

80's movie with alien (dressed in pink and black) playing music. there is a pschychiatric ward from which crazy women exit. There is also an octopus that escape from the lake. I believe an actor Greg Scaffer is playing a part in this special gem movie. The main actor is blond. 

[Eyesore]

Voyage of the Rock Aliens, with Craig Sheffer?