Oh god! Yeah that's the one! Hahahaha. I wanted that Rabbit-Wookiie thing to die! Wasn't Dave Carradine in it too? (Or am I thinking of the horrible sequel, "Wizards of the Lost Kingdom 2?")
I have never seen the second one, but the IMDB does list Carradine in it:http://www.imdb.com/title/tt0090334/
From what I read, the sequel does not have the burbling yeti-monster Gulfax.