Cage (1989)
Every aspect of this film is right in your wheelhouse:
Cast features MST3K alum Reb Brown (Big McLargeHuge) and Lou Ferrigno (in the role I am pretty sure inspired Ben Stiller's character in Tropic Thunder).
The premise is that Lou saves Reb's life in 'Nam, but gets shot in the head doing so and ends up a manchild. So, Reb takes care of Lou--they open a bar with Lou as the bouncer. Complication: some scumballs see how Lou is huge and gullible and suck him into an underground cage fighting scene. Reb is forced to fight to save Lou (or 'Billy' as Reb shouts over and over with his voice like a bucket of broken glass.).
The smartest reason to riff this movie is that it is funny in its own right, like other imminently re-watchable dear friends of mine: Terror from the year 5000, Twilight, Space Mutiny, and Glitter.
Thanks for the chance to make a request. And thanks for so many awesome movie nights!
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Kristy commented
This is too good to be true!!!! Come on and riff this!!!
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Anonymous commented
Excellent suggestion! The best bits are between Billy and the two gangsters who convince him to fight for money.
"I like wrestling!... But I don't like fighting... But I like to wrestle!" Haha