Since there's a thread about French films, I figured I'd post one about Italian films. My favorites:

Io Speriamo che me la cavo (aka Ciao, Proffesore!) http://www.imdb.com/title/tt0107225/

La vita è bella (aka Life is Beautiful) http://www.imdb.com/title/tt0118799/ There's a bit of controversy about this one. Some people think it makes a joke about the Holocaust, but if you can appreciate the bond between the son and father in The Road, you'll probably appreciate this as well.

Johnny Stecchino http://www.imdb.com/title/tt0102164/

Allegro Non Troppo http://www.imdb.com/title/tt0074121/ An italian version of Fantasia. This one is way more trippy too.

Nuovo Cinema Paradiso http://www.imdb.com/title/tt0095765/