The Examiner.com recently released an A-to-Z list of movies that deal with dreams and altered states of consciousness. Unfortunately our favorite foreign Elm Street "remake" Mahakaal the Monster did not make the list, but Dreamscape, and A Nightmare on Elm Street did.
Check out lists A-to-J and K-to-Z.
Dreamscape, directed by Joseph Ruben, was also released in 1984 and has been accused of being an Elm Street rip-off and vice versa. It stars Dennis Quaid as a young psychic who is part of dream experiments called "dreamlinking.” It is more like Dream Warriors than the original Nightmare, and recommended if you have never seen it.