A friend of mine can't remember a name for a game and here's his description:
"It was a side-scroller, not sure if it was on SNES or Genesis but had a mythogical theme. The main character may have looked like He-Man. I remember there being one level in the clouds and another underwater. It had a very Clash of the Titans feel to it. I can't for the life of me remember the name."
P.S. It's not Altered Beast
I don't know about where the levels took place as I haven't played them in ages and don't remember, but the He-Man character makes me think of Rastan, Stormlord, and Cadash.
Any chance it's the first Suikoden game for Playstation and you're remembering the console incorrectly? It's been a long time since I played it so perhaps I'm remembering the details off a bit but it seems you're describing some details of it.
I think you're right, Millich Oppenheimer. I wonder if that's the one he means?
http://www.youtube.com/watch?v=tnIwzi3ZIf0&feature=related