I am trying to find name of old action fantasy karate movie?

Question

It may be called the Magic (something) There's a fight scene in the movie where one of the martial arts characters turns himself into a giant fire breathing dragon. Another character turns himself into a giant toad that spits rivers of water. and as the two are fighting in there monster forms, another character removes a magical spider pin from theirhair and throws it in the air and it turns into a giant spider that comes to the aid of the giant toad and the spider and the toad fight the fire-breathing dragon.

Answer 1

...frightfilmfan, to the rescue!!!

...why, you just described the plot of one of the more interesting non-Godzilla Japanese giant monster movie produced, entitled "The Magic Serpent" (1966); it brilliantly combined various genres....fantasy, honor, betrayal, tongue-in-cheek humor, ninja martial arts...and a giant dragon which bears a not-very-coincidental giant monster roar (i.e., sounds exactly like Godzilla).

I couldn't get enough of this film when I was a kid, and with the DVD release, I have been able to relive that childhood moment in time.

The DVD was released through Retromedia, and is readily available at Amazon (paired with a Gamera movie...see weblink below).

...hope this helps you out!!!