"Oh, yeah, Gecko-Roman Wrestling."
LOL! I remember that line, though not the movie it went with. Never saw "Phase IV", I don't think.
Phase IV, hmmm... basically, desert ants get smart and attack a remote scientific outpost, eventually taking it over and hypnotically enslaving the man and woman who survive the attack. Early-70's monster/horror flick, heavily influenced by the Psychedelic Age.