What is the name of the movie where a villain has a for suspending himself, and rules the dream world .?

The guy suspends himself on chains that hook into large hoop piercings on the backside of his body and legs. I remember something about the guy with battling people in the dream world . . . and some psychologist (?) gets involved and ends up defeating him in his own dream . . . I think it came out in the 90's.