I'm not sure, Help!

by Alex

Well i need the title of this Old Kung fu movie, They always play "Funky Town" By Lipps Inc. I remember another character named "Little Monkey" i believe, he throws a Banana peel so his friend wins a Tournament. He dies at the end, because this Karate Master kills him and his friends. If you have any idea what this movies called i'd really appreciate it!