A movie produced by an independent studio, or an unheard-of writer/director; it tends to star actors you've never seen before. Indie movies commonly make you feel artistic or inspired after watching them... or, sometimes, just leave you feeling like you wasted an hour and a half of your time watching something that made absolutely no sense. Can also be referred to as an artsy movie.
"Hey, lets go to Blockbuster and rent some indie movies! I heard Wristcutters and The Chumscrubber were really good!"