Name that Movie: Is it...Naked Demon Summoning Circle?

Last week, I was flipping through the channels (finally got cable!) and testing myself as I am wont to do. The test is to see how quickly I can name the movie that is showing. My goal is always to get it before I hear a line of dialogue, and as my former roommates can attest, I'm pretty damn good at it. Yes, I have quite an exciting ninjaesque life. Anyway, on this particular night, I was totally stumped. I stared on and had absolutely no idea what I was watching. I couldn't even begin to come up with something. The scene, however, was totally amazing, so I let it go.

A young Alexis Arquette (The lovely Sherpa nailed that, I didn't recognize him out of drag) was walking around some sort of sacred circle. From the lighting, you could tell some dramatic ritualistic shit was about to go down. Finally, a ring of flames emerges in that “hey, we totally just lit a ring of gasoline” type way. Then, what you think is a demon emerges. At first it's a bit gooey and gross, and the demon has kind of a weird pengina. Like a doll or a Swede. But then it goes into that wacky sort of fast-forward editing (like you'd see in a movie starring Sindbad), and the demon transforms into a teen, and he and Alexis engage in some witty banter/what-do-you need-me-to-do-master talk.

My question is this: What the hell movie was I watching?

I did some work on IMDB, and I'm pretty sure I figured it out, but if any of you know it or have a guess, I would love to hear it. I'd also like to get this going as a regular segment, but I tend to have big hopes that never quite work out when it comes to that stuff.