Any of this sound familiar?
The boy's kingdom was overthrown by a traitorous wizard.
The boy had a companion named Gulfax who looked like an albino wookiee.
They joined up with a swordsman named Kor (played by Bo Svenson if that means anything to you).
The boy was captured by a woman who turned into a giant floating head and was defeated by a flying bat-lion summoned by the boy. The woman then turned into a giant beetle and the boy stabbed her to death.
Kor was captured by a cyclops who intended to eat him unless Kor married his sister.
The boy tried to resurrect some dead warriors to help him, but they came back as flesh-eaters. (That's the scene you remember.)
The boy, Gulfax, and Kor met a midget wizard who was being attacked by goblins and a giant.
The boy and Kor had to cross a raging river to sneak into the kingdom and they met a mermaid who had a brief topless scene.
It all ends with a big battle and the boy and the evil sorcerer shooting cartoon magic bolts at each other.
If any of that sounds familiar, you are thinking of Wizards of the Lost Kingdom.
Here is an extremely comprehensive review with screen captures:http://jabootu.net/?p=645