`SNAKE EYES' COMES UP LESS THAN A WINNER.

Byline: Glenn Whipp Daily News Film Critic

Just a few minutes into ``Snake Eyes,'' you know you're watching a Brian De Palma movie (and how many directors can you say that about?) as the camera seamlessly follows Nicolas Cage through an Atlantic City arena, twisting through corridors, climbing stairs, hopping onto an escalator and finally landing on the floor of the arena in the middle of all the hoopla and bedlam surrounding a heavyweight prize fight. It's a brilliantly realized, 20-minute steadicam shot that crackles with more electricity than 10,000 of Michael Bay's three-second quick cuts put together.

Unfortunately, by the time ``Snake Eyes'' is over, you also know you've been watching a Brian De Palma movie because with the signature visuals and the innovative camera work come the usual excesses and incongruous moments. You leave the theater a dissatisfied customer. Again.

De Palma has amassed an incredible body of work containing flawed, yet memorable movies. He is as frustrating as a career politician, typically promising more than he can ever deliver - and yet actors, studios and audiences keep coming back. Why? For those moments when he lives up to his word. (Remember Tom Cruise's high-wire act in ``Mission: Impossible''? We thought so.)

The memorable segments in ``Snake Eyes'' come in chunks, starting with the 20-minute opening sequence that introduces us to Cage's gleefully corrupt police detective, Rick Santoro, as he shakes down thugs for gambling money, hits on ring girls and proclaims to any and all, ``This is my SEWER! I was MADE for this SEWER''

Santoro is there ostensibly to help provide protection for the U.S. Secretary of Defense and his menagerie of friends. Leading the security contingent is Santoro's old college buddy, Navy Cmdr. Kevin Dunne (Gary Sinise), now a highly placed Defense Department staffer. The secretary likes the limelight, much to Dunne's dismay. Protecting him in this crazy environment is akin to safeguarding a beer keg at a frat party.

It's not giving too much away to say that shots ring out and something bad happens. It's also not giving too much away (if you're familiar with De Palma's work), to reveal that there's a shapely woman wearing a platinum-blond wig and a low-cut dress (Carla Gugino) who may or may not be involved in the bad thing.

Initially, we don't know what to think. (And isn't that nice, since we're typically two steps ahead of the filmmaker.) De Palma, through Cage's Santoro, then begins piecing the murder together for the audience, using the point-of-view from three witnesses - the champion boxer, the mysterious woman and Dunne himself. The answers Santoro finds aren't quite as obvious as he first thought, which forces him to confront his past and the kind of crooked cop he has become.

So far, so good. But as the details of the crime become more apparent, the story - a bit threadbare to begin with - begins to unravel with alarming speed, culminating with an ending that shoots the whole ball of yarn. It's a conclusion that's woefully inadequate both artistically and emotionally, not to mention somewhat ludicrous even by popcorn movie standards.

After the thud of that dud (and a pointless end titles sequence), you're left with fond memories of the virtuoso opening and a later sequence where Dunne searches a hotel floor as the camera slowly pans over the ceiling of each room, revealing assorted sordid activities. There's also the enjoyable turn by Cage, always more fun in volcanic mode (``Face/Off,'' ``Leaving Las Vegas'') than when he's playing an earnest nice guy (``Face/Off,'' ``City of Angels'').

Thus, the balances on the enjoyment ledger are pretty equally divided. And even though ``Snake Eyes'' is rated R, De Palma has graciously ratcheted down his trademark gore. (Slow-motion bullet wounds, yes; drill bits through torsos, no.)

The choice, then, is to go for De Palma's golden moments and Cage's audacious performance and ignore the rest (hey, it's more than most movies offer) or take a pass, wait six months and make a trip to the video store. The latter course may be the most prudent. After all, De Palma makes the kind of movies that lend themselves nicely to fast-forward and rewind options.

THE FACTS

The film: ``Snake Eyes'' (R; violence, language).

The stars: Nicolas Cage, Gary Sinise, Carla Gugino.

Behind the scenes: Directed by Brian De Palma. Screenplay by David Koepp. Released by Paramount Pictures.

Running time: One hour, 39 minutes.

Playing: Citywide.

Our rating: Two and One Half Stars.

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