This article provides some interesting details on the whole affair:

Cannon Films duo Golan and Globus didn’t know a whole lot about Spider-Man when they first purchased the rights to the character. In fact, they were actually under the impression that Spider-Man operated in much the same way as a Universal monster character like Wolf Man.

The very first version of the script for the film put together by Cannon Films’ writers gave Spider-Man a completely new back story that reflected this. It focused on a mad scientist named Doctor Zork, who deliberately exposed company ID photographer Peter Parker to radiation. The result was an eight-legged Peter Park Spider-Man hybrid.

Although James Cameron’s planned Spidey film is probably the wildest of all:

Cameron's Spider-Man scriptment is considerably more mature than any other iteration of the character that's appeared on the big screen, with a darker and edgier Peter Parker (sample dialogue: "If you worthless chunks of vomit show your faces around here again, I'll decorate my Christmas tree with your intestines"). It skirts the upper edges of a PG-13 rating, with Spider-Man at one point calling Electro a "motherf**ker."

And this:

Easily the most disturbing element, however, is a scene in which Spider-Man performs a seductive spider-dance for Mary Jane while spouting trivia about the courtship rituals of spiders, before binding her to the Brooklyn Bridge with his webs and making love to her.

And apparently Leo DiCaprio was gonna play Peter.