I'm incredibly blunt in my opinions.
It's an above average high-school film, but that really doesn't say a whole lot. The acting was aweful, really really awful. Everyone. I HIGHLY suggest reading this book...
http://www.amazon.com/Directing-Act...=sr_1_1?ie=UTF8&s=books&qid=1211785111&sr=8-1
Even when you're working with friends instead of actors, it really helps communicate to get honest performances using a variety of techniques, which is good as bad acting WILL kill a film just as fast as a bad script.
You made the exact same mistake I did with a high school short (and several others I've seen). Lots of cool FX, big hilarious music cues, and a concept you and your friends believe to be hilarious. You may not see it now, but looking back you'll hate this film within a year if you continue learning film techniques (well maybe not hate, but certainly not think it's a good film). The FX are bad, the music is in countless other student films for the identical purpose, and the concept really isn't that funny.
Make me care about some interesting characters, and you can take the plot anywhere because the audience is watching the characters. You've made this, now watch some other student films (college-level) and you'll start seeing things your film was lacking. Sound quality, editing choices, lighting, custom-written music (usually free if you search the forums and have a good film).
The fast cut-ins at the end, the most brilliant moment in the film. Then you did it again, and again, and again. Fast cut-ins with the music once, maaaaybe twice, then end it. The cut-ins are super cheesy to begin with, but funny. By dragging it out you're killing any chance of it to by funny.
Yes, continue to make films. You had a lot of ideas here, but you have to practice to make your ideas start working together in a more believable way. (Few films are realistic, all good ones are believable within the world of the film though)
And I can say without question, try to do stories that MEAN something to you. Or at least part of the story means something to you. Funny action/comedy movies are fun to make, but I learned more about filmmaking creating a 3 minute drama that reflected a more interesting part of my life than I ever did on a 45 minute action/comedy similar to yours. (We had a dueling scientists, one good, and one evil trying to blow up the planet with a giant magnifying glass in space with a trained stuffed bear as his sidekick [we were amazed by blue-screen technology to remove the guy moving the bear on-screen].
Good luck on future films.