Please am looking for an old movie probably 90's to mid 80's... the hero had to compete in a race between life and death to to save his town. The hero was called Jimmy (he wore a red to and white trouser) and had a special acrobatic skills.The valiant tried anything possible to get him killed even though the competition was a matter of life and death.Jimmy finally won the race and got the princess. I think his father even lost his life trying to save jimmy.. as the father was part of the soldiers assigned to kill the competitors.

Sounds like Gymkata (http://en.wikipedia.org/wiki/Gymkata)