OMG... OMG... OMG... I just came across this youtube video
here, and feel that this might be the movie I asked above (the one with those two apprentice wizards travelling to the future to save a kidnapped princess). The imdb entry is
here. The movie is titled "The Lords of Magick". Reading the comments on the imdb entry, it seems that this movie is bad (and I have to admit, it looks silly and cheap), and yet it felt awesome for me back then during my childhood days
At least I think this is the correct movie... one of the protagonist has curly hair... the other has beard... I seem to remember the King has similar appearance to the one on the clip... I seem to remember that skeleton with blazing eyes... Too bad I do not think I can get hold of this movie to ensure further.
(Sorry for double-posting)