Black Water - http://www.imdb.com/title/tt0816436/
Crocs versus Australian outdoorsy types.
1. Great location.
2. Great acting
3. Great crocodile
5. Inventive use of budget
6. midnight snack
7. realistic gore
8. oppressive atmosphere
9. obeys its own rules, people who go in the water get attacked, no exceptions
10. characters you like
I recommend it, but it depends on how many killer crocodile movies you've seen.
THE BIG GRIPE
1. The crocodile looks gigantic, like HUGE, in some shots, in other shots he looks like just a normal croc. Whatev, all is forgiven.