The only way to watch this film is the Director's Cut version, which only made it onto a VHS release (only the theatrical edition was ported over to DVD). That version improves the film tremendously. It's more of a slow burn and a bit more on the art-house side, but the character arcs and evolution make more sense, some plot holes are filled, the theme is more clear, and it's an overall better film. It focuses more on the theme of fulfilling ones subconscious desires, having a message regarding art and the art of film itself, daring the audience to bring out the kid in them for a film that isn't kid-friendly, among other stuff on similar lines.
That being said, if you absolutely hated the theatrical version and its Stockholm Syndrome tendencies, and aren't one of those who thought, "There's a good movie in there somewhere," then that version probably won't change your mind.
That being said, if you absolutely hated the theatrical version and its Stockholm Syndrome tendencies, and aren't one of those who thought, "There's a good movie in there somewhere," then that version probably won't change your mind.