A series of silly stories about fantastic creatures, the outer space, or the future are the pretext to show a little bit of violence and blood, and big breasted naked women.
Why did they called it "Heavy Metal"? Well, I guess it was just marketing. Heavy metal was the most popular music in those days, so they filled the soundtrack with bands such as Nazareth, Blue Oyster Cult or Black Sabbath (let it be said in passing that those weren't 100% heavy metal bands, they were more like hard rock bands). Maybe they thought that way thousands of long-haired rockers would fill the theatres to overflowing.
*My rate: 3/10