I watched it plenty of times when I was a kid. I bought the previous Blu-ray release, though, and I still haven't watched it. I'm weird actually have a collection of different releases of both the book and the movie. As far as the movie, I have a couple of laserdisc versions, a PSP UMD, foreign DVD and VHS versions.... I'm sure I'll pick up the new Blu-ray, too, so I don't break the streak.
When I finally get my basement done, I'm hoping to have more movie parties, and The Princess Bride should certainly be one of the ones I show.