Electronic Arts’ latest game release for the iPhone and iPod touch is Dragon’s Lair, the classic coin-op arcade game. It costs $4.99.

Dragon’s Lair follows the adventures of Dirk the Daring, a valiant knight who must rescue Princess Daphne from Singe the dragon, who lurks in the castle of an evil wizard. Dirk fights hordes of undead warriors and many pitfalls on his way to rescue Daphne from certain doom, facing monsters like the Giddy Goons and the Lizard King.

Dragon’s Lair was a phenomenon when it was originally introduced by Cinematronics in arcades back in 1983. Games of the era made use of simple computer-generated graphics, while Dragon’s Lair featured full motion video animation thanks to a built-in laserdisc movie player. Players made decisions about where to go and what to do at key prompts in the game, which would either continue the story or end with their demise.

The animation was produced by Don Bluth, a veteran Disney animator who would go on to make The Land Before Time, All Dogs Go To Heaven and many other feature films.

Dragon’s Lair for the iPhone features the original Arcade Mode and a special Home Mode, along with additional scenes.

System requirements call for an iPhone or iPod touch running iPhone OS 2.2.1 or later.