LOLLAPALOOZA 7 BANDS. 9 HOURS. UNTOLD ODDITIES.

At least one of this summer's blockbuster sequels won't feature an intergalactic slimeball, a pair of buddy cops, or an angst-addled superhero. How do seven cutting-edge bands and a supporting cast with everyone from fire- eaters to tattoo artists sound for box office brawn? Lollapalooza, the multimedia megatour dreamed up by former Jane's Addiction front man Perry Farrell, was the surprise hit of last summer's recession- ravaged concert season. While bankable veterans were all but keeling over in half-full stadiums, Farrell and his largely unknown coterie of too-raw-for- radio bands were playing to the largest audiences of their careers. This year the nine-hour rock-and-gawk marathon Lollapalooza '92 is shaping up as the 800-pound gorilla of the amphitheater circuit. Woe be it to the B- level alternative-rock bands who have to cross these guys on the road in July, August, and September. The tour-featuring the Red Hot Chili Peppers, Pearl Jam, the Jesus and Mary Chain, Ministry, Soundgarden, Ice Cube, and Lush-will probably be the only big-bowl show of the season for the hipper- than-thou collegiate-rock crowd. The tour, which starts July 18 in Mountain View, Calif., is as much a youth-culture circus and teach-in as it is a rock show. Rather than just playing in front of the student union, these rockers are bringing the student union with them. To wit: a counterculture bookstore; hair-cutting, ethnic food, crafts, and jewelry booths; locally recruited rock bands on a second stage; virtual-reality exhibits; an amino acid smart-drink concession; and a circus sideshow. And-talk about a party with a platform-there'll be information available on nutrition, AIDS, substance abuse, animal rights, gun control, and a slew of other issues. ''It's not at all like a regular rock show where you have your crummy band first, your not-so-crummy band second,'' says Peter Barsotti, Lollapalooza's self-proclaimed Director of Oddities and Curiosities. ''The idea here is to sample a band, try a piroshki, check out a book on tattoos, and wander back to try another band. I don't guarantee they'll like everything. I do guarantee it will be very different.''