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Streets of Fire
I love this movie. It's subtitled "A Rock and Roll Fable" and it really is. If it was a fantasy movie, there'd be a hero, the hero's companion, the damsel in distress, a nest of dragonlings, and single combat with the chief dragonling, then hero & companion ride into the sun. (I noticed on the Netflix page that someone else characterized it as old west, so I guess it's what you're used to.)
It's set in 1950s Chicago, in the Battery and Richmond Districts, with ex-soldiers, a rock&roll diva, a motorcycle gang (led by Willem Defoe in an unforgettable role), and plenty of rock & roll; the music is managed by Ry Cooder. The sets and costumes are fabulous.
Netflix says I last checked this out in September of 2005. When I returned it, I put it back on the bottom of the list and here it was again at the top. I don't do this for many movies; I really love this movie.