Some of these pictures and descriptions may give away plot details that you might not want to know before watching the film.
I'll watch any movie where people are turned into snakes, or vice versa, but this one is so bad I'm almost embarassed to admit I watched it. It tries to do what it can with no budget and it seems aware that the premise, the monster, and the gore is really all a joke and should be enjoyed as such. The cobra woman makeup consists mostly of long-nailed rubber Halloween monster gloves, a rubber mask with fangs, body paint, and painted underwear. There's not much that's snake-like about her except for the painted scales.
A psychotic scientist at the Laguna Institute of Technology in California is working with the FBI, but we never find out why. He is trying to make a serum that he can inject into irradiated king cobras in order to create a race of half-snake half-human mind-controlled slaves he can use as an army to take over the world. All of his cobras have died, so he runs his final test on his last two snakes, named Homer and Marge, who we see spit acid-like venom into a custodian's face that dissolved his head. The movie cuts between shots of an albino cobra and a normal one and shots of two rubber cobras that look absolutely nothing like the live cobras, but you can't blame them for not making the actors handle real cobras. After the doctor's experiment goes wrong and Homer kills somebody, somehow Marge escapes her cage and then merges with a female college student who the doctor killed earlier to use as part of his serum and turns into a cobra woman. We see the film cut back and forth between a rubber snake on the floor and the dead woman on the floor until the corpse becomes Queen Cobra and she goes on a rampage killing everybody she meets, with a brief timeout to get to know the mad doctor's cheating wife, whose boyfriend left her tied and blindfolded in bed while he went into the bathroom to get decapitated. The wife enjoys the sensation of Queen Cobra's long fingernails run down her skin, thinking her boyfriend is doing it. Unless you can't pass up watching every mad-scientist-turns-a-woman-into-a-bloodthirsty-killer-reptile movie, you should avoid this one like an acid-spitting cobra.