As usual, it's all about the name. I managed to come across a summary in a book about Czech films that resembled that of "The Giant Eel". It turned out that the original name of the film is "My tři a pes z Pětipes"
http://www.imdb.com/title/tt0342806/

This roughly translates to "The Three and a Dog from Petipes". It turns out that the film has been exported to many other countries under different names---none of which, of course, mention the eel. That probably explains why it has been so difficult to identify the film. Once you have the name, it's easy to gather information about this title.

Apparently it has not been released on VHS or DVD, but it has been broadcast on Czech and Slovakian television as recently as last year. The good news is that, if you know how, you can download the film from the internet.

I put a clip on my CCFF Channel here:
http://www.youtube.com/watch?v=VE8HZTMTgsc

There are other clips at stttepp's Channel, here is a playlist:

http://www.youtube.com/view_play_list?p=6FF1280F7DCD262C

In other Czech news, I also have a clip of "Captain Korda" up on the channel.

http://www.youtube.com/watch?v=82yaOhzjbtk

Also, the film "Lucy and the Miracles" has been recently released on DVD (unfortunately without English subtitles). Hopefully more of the Czech titles shown here in the States will end up on DVD.

Phil, you're my hero! it is SO amazing to see that clip for the first time in 30 something years! I was beginning to think it was lost forever. Now I have to hunt down the entire thing. Wow....thanks so much for you detective work on this!

thank you so much for the clip!!!! can wait to see it all I got chills watching it!!!!! --David CBSCFF was my favorite and I'd watch it every Saturday at 1pm

THANK YOU SO MUCH