1. Zack Ward (the bully Farkus) has become an accomplished actor and beefcake hunk, with many credits on tv and in movies, including Just for Fun (1993), "a story of homophobia and gay-bashing," according to the IMDB.
Look for him as Dave, brother of the titular Titus (2000-2002) and slacker college student Murray in The Pink House (2003).
4. Ian Petrilla (Randy, Ralphie's kid brother) continued acting as a teen and later studied the art of puppeteering. He has worked with the Henson Company, and currently owns an animation company in L.A.
5. Scott Schwartz (Flick, who got his tongue stuck to a flag pole) later starred as The Toy, and then used his Flick notoriety to land roles in some heterosexual porn films (mostly in non-sexual roles). Now he still does some non-porn acting, and runs a baseball card and nostalgia shop in California. He's heterosexual.