I love this movie but it might seem to be an odd choice as an inspiration for a Hyperborea campaign. I think, though, that it is easy to strip out the modern elements and see what a wonderful swords&sorcery adventure they've presented. Evil sorceror, check. Group of adventurers traveling through a dungeon (led by a wizard) to defeat the sorceror in his own lair, check. Rival clans fighting, but one is in league with the sorceror, kidnapped maidens, evil monsters, powerful otherworldly servants of the sorcerer, magic potions... While tongue in cheek this is one of the best D&D movies ever made (and none of them were ever labeled D&D).
It is more than just straight-up D&D. The real world, the modern world, is only a veneer over a world of magic, Gods and sorcery. That part is especially what I like in my Hyperborean campaign.