A cinephile latchkey kid obtains a magical movie ticket which transports him into an action movie. There he comes face to face with Arnold Schwarzenegger, his favorite action hero. Halfway through the film, the movie world leaks out into the real world and the fictional character Arnold Schwarzenegger plays has to figure out how to defeat an over the top movie style villain, but with real world rules.
This movie involves Danny Devito as an animated cat, Arnold Schwarzenegger playing himself, a trip to a Blockbuster store and Arnold Schwarzenegger having a full-on Buzz Lightyear-esque existential crisis.
It's not really a bad movie, but it's definitely ridiculous.
Also, it appears you can watch this movie on youtube.