All I remember about the movie is that there is a young man who is the protagonist and he's some kind of wizard or something and he has to user this ring, the antagonist also has a ring or something, protagonist sepcial effect are blue, antagonists are red. The antagonist is some king of evil sorcerer. That's all I remember, but I know for a fact that it exists.
Saw it maybe 14-15 years ago on VHS from a local movie store, sadly all of those tapes have been sold off, please help!

Wizards Of The Lost Kingdom (1985) (http://youtu.be/7KoRf6QFacw)

Yup, that's the one. Was there a sequel to this?

Yes, there was a sequel...
Wizards of the Lost Kingdom II (1989) (http://www.imdb.com/title/tt0090334/)