This is a modernization of "The Canterbury Tales" and has Ledger's character, William, filling the void left in jousting tournaments after his knight passes away unexpectedly. Since only noble persons can compete, William has to come up with a new name and credentials.
Surrounded by a few unique and somewhat quirky group of friends, William moves up through the jousting ranks, falls in love and .. and well you'll just have to watch it to see what happens.
This is a fun movie to watch and it took some searching this morning to find a video that showed that aspect of it.
(No animals or wholesale fashion jewelry were injured in the making of this movie.)