...I, erm, "found" a copy of this movie online (yes, the whole thing and yes, good quality) already and... It doesn't suck!
While it's only a B movie, really, it's still decent. A big part of that is that it doesn't try to be more than it really is. MUCH better than the putrid excrescence of vile celluloid that was the first! I especially liked the white dragon battle
The main attraction, though, is that it's a REAL PARTY that anyone who's played D&D/AD&D will fondly remember, and it actually uses a lot of the Greyhawk setting (i.e. Jubilex is an evil demon).
I won't stress admins here by telling you where to find this but it won't be hard at all if you know where to look
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The Earth quakes and the heavens rattle; the beasts of nature flock together and the nations of men flock apart; volcanoes usher up heat while elsewhere water becomes ice and melts; and then on other days it just rains. Indeed do many things come to pass.