Garrison

From mobygames.com:

Garrison is a top-down action game very similar to Gauntlet. Up to five characters fight their way through over 100 dungeon levels taking on hordes of enemies, collecting potions, gold, scrolls, keys and magic items along the way. Each player character has different strengths and weaknesses so the game plays best in multiplayer mode because some levels really benefit from particular capabilities eg. speed or magic. The enemies also have a large variety of attacks, some fire projectiles at you, some engage you in hand to hand combat, some just drain your health when they touch you and some attack you with magic.