COBRAT

COBRA (1986)
dir: George R. Cosmatos

COBRAT
Cracked #225, January 1987
w: Mort Todd
a: Bill Wray

Mario Cobretti a/k/a Cobra (Sylvester Stallone) is a member if the Zombie Squad of the police force, handling a hostage situation at a supermarket. His supervisors criticize him for not following proper police procedures.

The supermarket crime is connected to a group called The New World, which is terrorizing the city and goes after one woman, Ingrid (Brigitte Nielsen), who is now in the custody of police when attempts are made on her life

The police decide it is safer for Cobra and Ingrid to flee the city, they end up being chased by the New World, and they become romantically involved.

The first two panels are from MAD's The Wild One parody.

The arm-wrestling movie referenced here is No Holds Barred.

UPDATE:
Cover to the Mexican edition. MAD didn't parody this, at least in the U.S. Since many of the foreign editions parodied had all original material, including movies and TV shows we wouldn't be familiar with, it's possible they did American movies more popular over there. Anyone know?