Dungeons and Dragons is about a small time thief and his mate, who find themselves in a situation where they must save the world. A magic world ruled by mages, one particular mage in particular, Profion (Irons). He's the bad guy. They must find a rod that controls red dragons so that his gold dragons will be defeated.
Dungeons and Dragons is a big special effects movie based on the role playing game of the same name. Well, at least I believe so. That's the only reason I can explain the presence of some characters, such as the Dwarf and the Elf, because apart from stomping around saying, "I'm the dwarf" and "I'm the elf", they didn't really do anything. I don't know much about the "world" of "D&D" (apart from the fact that there exists dwarves and elves - that's important) so I don't know how true the movie stuck to the game. I think it must have been fairly close, because I didn't understand the motivation for much of what went on. Still, it is easy to follow the story without knowing how to play the game.
See it if you like cool effects - like dragon armies.