I remember really loving "The Barbarians" for it's stupid humor, and movies like "Hawk, The Slayer" and "Iron Warrior".
If you like
Iron Warrior, then there's a whole load of stuff you'd potentially like.
Iron Warrior is the third Ator film, after
Ator the Fighting Eagle and
The Blademaster, and before
Quest for the Mighty Sword. They're all known by different names in different countries.
Deathstalker has already been mentioned, but it's got 3 numbered sequels,
Deathstalker 2 being the best in the series and extremely funny.
I'm surprised no-one's mentioned
Sword and the Sorcerer. Great film. Also worth seeing is
Warrior and the Sorceress. It's a fantasy remake of
Yojimbo/A Fistful of Dollars with David Carradine and lots of breasts.
Finally, not exactly fantasy but with a similar feel,
Waxworks and
Waxworks 2 are great 80s horror films.