In 2005 , Stallone also inducted wrestling icon Hulk Hogan , who appeared in Rocky III as a wrestler named Thunderlips , into the WWE Hall of Fame ; Stallone was also the person who offered Hogan the small part in Rocky III . In 2005 , Stallone also inducted wrestling icon Hulk Hogan , who appeared in Rocky III as a wrestler named Thunderlips , into the WWE Hall of Fame ; Stallone was also the person who offered Hogan the cameo in Rocky III .