A pirated movie (as a VHS, VCD, or MPEG, ASF, or DivX file) sourced from a camcorder recording made in a cinema, made using a stable base such as a tripod, with the sound taken from the camera's microphone. (Yes, you can here people lauging.)

They look and sound like shit, and are best avoided ;) Wait for a telesync or screener instead. Or actually pay to see the film if you're that desperate.

VCDs sourced from handheld camcorders (shaking picture and all), are below the level of what even the 0 day VCD crowd will tolerate.