Watch Monster Island for Free: How to Stream the Movie Online at 123Movies. . Mutant radioactive bugs attack VJs, Carmen Electra and an island full of MTV contest winners in this tongue-in-cheek tribute to B-movies, monster flicks and even MTV. MTV Original Movies presents Monster Island, a flick with old school effects mixed with hot new celebrities. There’s action, romance and big bugs--now is that something you really want to miss?