I had a few of these figures. My friend had almost all of them and the ring. To "play" we would divide them up and then we would each take one and pull them into the ropes so that when you let go they would go flying into eachother. The one who stayed inside the ring was the champ. King Kong Bundy and was always the first to be picked.
This one was a hit at the family gathering xmas of 84.
I loved this game. After a few years of heavy play it got destroyed by leaky batteries.