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The basic script:
Steve (GM): 5
Mike: Oh, great...
Steve: You got an arrow right in the chest and you’re out ten melee points.
Greg: Don’t worry about it Mike, I got Resurrection - I’ll bring you back.
Mike: I’m already one of the undead Greg, I can still throw death spells, huh Steve?
Greg: Just tryin’ to help you out man, don’t be so cranky.
Other kid: How about throwing a spell Order The Pizza Man? Order that pizza man, get it, huh?
Elliot: Well I’m ready to..now to..play - I’m ready to play now you guys.”
Someone: We’re in the middle Elliot. You can’t just join any universe (”Any Universe”?) in the middle.
Elliot: Mike? ...Mike?
Mike: You have to ask Steve, he’s Game Master. He has absolute power.
Steve: Gonna wait for the pizza first.
Elliot: Then I’m in?
Steve: Yeah, you’re in. Figure out your strategy because you’re playing after Greg.
Mom: So how do you win this game anyway huh?
Steve: There’s no winning, it’s like life, you don’t win at life.
Greg: Money helps.
Steve: Yeah, but...
Melee points? Referencing a specific body part that gets hit? What's this about Mike playing an undead PC? Is the name of their game "Any Universe" or is that just another nonsensical remark?
It looks like Spielberg wanted to throw in a cultural reference, but either wanted it to sound like what he thought typical parents might have heard or know about the game, or he knew very little about it and got a five minute primer on the subject just before the shoot, and it was largely ad-libbed. Or maybe they were just concerned about trademark infringement. Anyway, it's pretty ridiculous.
Later in the movie, Elliot references the earlier scene and the power of the game master when attempting to swear his older brother Mike to absolute secrecy about the alien which he’s about to reveal to him:
Elliott: Michael, he came back...
Michael: He came back? He came back? Oh my god!
Elliott: (persistently) One thing. I have absolute power. Say it. Say it!...
Michael: What have you got? Is it the coyote?
Elliott: No. Look. OK. Now. Swear it. The most excellent promise you can make. Swear as my only brother on our lives.
Michael: Don't get so heavy. I swear.
So there you have it, a synopsis of D&D (or something fairly close to it) as shown in the film E.T. the Extra-Terrestrial.
Update: Just to add, it only just dawned on me the connection to E.T.'s glowing heart later in the movie and the reference to Mike's character getting hit in the chest by an arrow, as well as the mention of casting a Resurrection spell, considering that E.T. pretty much comes back from the dead. Hmm..
Another Update: On this page: http://books.google.com/books?id=ZBEEAAAAMBAJ&pg=PA85&hl=en#v=onepage&q&f=false the author talks about how Spielberg staged "an evening long game of D&D for all the younger members of the cast..."