While not the best horror movie ever made, this classic comes pretty damn close. A Nightmare on Elm Street is one of my favorite 80's horror flicks. You get good gore (both Tina's and Glen's deaths), you get memorable characters (Nancy, her mother and father, along with Freddy), unforgettable quotes (Up yours with a twirling lawnmower), creepy scenes (the whole dream sequence before Tina's death) and a fantastic villain, in Freddy Krueger.
Truth be told, I won't speak too much about this film - it's one of the finest horror movies out there, and while not the best, a likely top ten contender. There are a few flaws (some of the special effects, especially to the modern eye, look a bit hokey, and the acting isn't always that stellar), but nothing that can't be brushed away without too much difficulty. Truth be told, while this review is short, not much needs to be said - it's a great movie, and one of the best horror films made. 9.5/10 (rounded down to 9/10 to fit site's format).