It's really hard to compete with The Wizard of Oz. It's the oldest awesome movie. There's a reason why people still watch it today, make prequels, etc.
Also extremely awesome if you're listening to Pink Floyd's Dark Side of the Moon instead of the normal soundtrack. It's like a whole 'nother movie then.
EDIT: Disney's Snow White and the Seven Dwarves is actually older but still not as good. The Wizard's story is better, better songs, better villain, better color, better everything.
If I had to choose between American History X, Boyz n the Hood, Higher Learning, Menace II Society, and South Central, I would choose Boyz n the Hood as my favorite film of all time because of Furious Styles doing his best as a dad to find what's best for Tre and convince him to abandon his plans for revenge on the Bloods members for shooting his best friend Ricky Baker because it won't help ease his mind in the long run.
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