Rough plot summary: An Air Force brat, Doug Masterson, has a pilot dad who gets kidnapped. So he utilizes his friends and a tough-as-nails "Chappy" Sinclair (played by Louis Gossett Jr, somewhat reprising his Officer and a Gentleman role) to bust his pop out of an Iranian prison.

One key fixture of the movie is it's rockin' soundtrack, since Doug can only fly great when he's jammin' out to his Walkman' by strappin' to his leg.
(I don't know what is so cool to the "Napolean Dynamite-set" about things strapped to legs, but it works.)
To get the feel for the movie, here's a critical Spanish-dubbed scene of Doug in a Cessna racing a motorbike:
Anyway, Queen did a portion of the soundtrack and the theme song "One Vision" is probably one of their best.
Listening to the song's lyrics, clearly Queen is a little more 'heady' than Iron Eagle's script writers.
I had a dream,
When I was young.
A dream of sweet illusion.
A glimpse of hope and unity.
And visions of war's sweet union.
Pretty grim, clever and dark like it was plucked from a Margaret Atwood novel. And with orchestra strings. Not what I'd expect from a Saturday afternoon TV flick and the juxtaposition is kind of funny. Kenny Loggins must have been busy writing "Caddyshack 2's" theme song, but he might have been a better fit.
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EDIT: More of Brian May's shredding:
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EDIT: For good or bad, I am entirely certain this is the most someone has ever blogged about "Iron Eagle."