The movie was made in the 90's. Its about these rich guys that hunt people for fun. They drew numbers to see what weapon they would be using. It took place in the woods. Its not Surviving the Game. Its not Hard Target.

If the weapons were all hand-to-hand types (knives, spear etc), then check out Death Ring (http://www.moria.co.nz/horror/deathring.htm)

If it was a comedy, I was thinking... PEST. With jon legazomo(last name spelled worng, sorry) this is probably wrong, but I haven answered a question in a while! lol

But crowman is probably right, that movie sounds like it fits you discription