You can certainly say that this is one odd but very creative movie. It has a typical student-film type of look and tone all over it. It's the type of movie that looks like a bad trip and is one that you should never show to an epileptic patient, unless you want to deliberately give them a seizure.
It's hard to discover a story in any of this or try to make sense out of this movie. Nothing gets explained really and there also is no time for it, since this is a short. It's just a movie showing off some creative film-making skills, not only with its style but also its look. We can now say that this movie would serve as a study for the full length movie "Tetsuo", which got directed by the same director, Shinya Tsukamoto and is basically a full length remake of this movie.
Interesting to watch if you want to know where "Tetsuo" came from but otherwise it's just being an odd, unique, creative, visual experience, that in no way is a must-see for just everyone.