FILM REVIEW; Outlook: Stormy (It's Raining, Too)

Deep waters and shallow characters tell the story of ''Hard Rain.''

Written by Graham Yost, whose credits include ''Broken Arrow'' and ''Speed,'' and directed by Mikael Salomon, whose background in liquid refreshment includes the cinematography for ''The Abyss,'' ''Hard Rain'' is a well-cast disaster movie more notable for special effects and stunts than for credible drama.

Unfolding on a dark and stormy night in Huntingburg, Ind., ''Hard Rain'' recounts the efforts of Tom, a young security guard (Christian Slater), to salvage a $3 million shipment of cash from an armored car that is the target of a gang of thieves led by Jim (Morgan Freeman), a career criminal looking for a haul hefty enough to finance his retirement.

Complicating matters are rising flood waters, an aged dam, less than a handful of people who have defied orders to flee town and a tiny police force led by a sheriff (Randy Quaid) who has been brooding for a long time about the unfairness of life.

Pretty soon, it's hard to tell the supposed good guys from the supposed bad guys.

And in the middle are Mr. Slater (a co-producer of the film) and Minnie Driver as Karen, a plucky young woman restoring the stained glass windows of the local church while stirring courtly and base emotions among the sheriff's deputies.

As the waters rise and the villains pursue Tom, who has dragged the money out of the disabled armored car and hidden it in a graveyard, some characters succumb not only to bullets but also to waterborne electricity and flying outboard engines. Others face drowning while locked in jail or handcuffed to a bannister.

But ''Hard Rain'' is one of those movies that undermine suspense by meeting the expectations of audiences that equate survival with casting. Never is there any doubt about who is going to emerge from this night of violence; and by the finish, the money seems no more than a gimmick for a couple of hours of watery stunts and special effects -- torrents thundering over spillways, a bursting dam, battles on jet skis, shallow-draft boats roaring through a deserted town.

The characters tend toward the one-dimensional. Even the admirable Mr. Freeman, who can transform himself in an instant from the most intimidating of ogres to the warmest of allies, is defined mainly by his determination to get the money; Mr. Slater, by his intention to thwart the thieves, and Mr. Quaid, by his festering resentment. Others have even less to work with.

Ed Asner puts in a brief appearance as Charlie, Tom's partner and uncle. Betty White, as a shrewish wife, and Richard Dysart, as her long-suffering husband, provide the comic relief by refusing evacuation orders and staying behind to safeguard their fishing-tackle shop against looters.

For all the talent and effort involved, ''Hard Rain'' turns out to be routine entertainment.

''Hard Rain'' is rated R (Under 17 requires accompanying parent or adult guardian). It contains bloody violence, attempted rape, profanity and language often considered obscene.

HARD RAIN

Directed by Mikael Salomon; written by Graham Yost; director of photography, Peter Menzies Jr.; edited by Paul Hirsch; music by Christopher Young; production designer, J. Michael Riva; produced by Mark Gordon, Gary Levinsohn and Ian Bryce; co-producer, Christian Slater; released by Paramount Pictures. Running time: 98 minutes. This film is rated R.

WITH: Morgan Freeman (Jim), Christian Slater (Tom), Randy Quaid (Sheriff), Minnie Driver (Karen), Ed Asner (Charlie), Richard Dysart (Henry) and Betty White (Doreen).