By David Browne
Updated September 26, 1997 at 04:00 AM EDT

Feeling nostalgic for 1992? Doug Pray’s freewheeling look at the rise of Seattle rock is a rock buff’s delight — check out the rare interview with a likably intense Eddie Vedder and the grainy, chill-inducing clip of Nirvana’s first performance of ”Smells Like Teen Spirit.” But the scene’s co-option (and how the locals either recoiled from it or embraced it) is also the point, and Pray’s chronicle of the mainstreaming of grunge is deadpan and hilarious. The film skips lightly over Seattle’s heroin underground and assumes viewers know the relative importance of the two-dozen bands. But now that grunge has worn out its wail-come, Hype! stands as both a celebration and a tombstone. A-