The supply of Christmas movies available to the video market might seem to be exhausted, but several companies are still turning up stuff that hasn't been committed to tape before.

"Clarence" is a modern sequel to "It's a Wonderful Life," starring Robert Carradine as angel Clarence Oddbody, played by Henry Travers in Frank Capra's 1946 original. This time he's assigned to prevent the suicide of a young widow being victimized by a ruthless corporate raider. The G-rated fantasy was praised by the Hollywood Reporter as "a work of enchantment." It's rental-priced at $80."Babes in Toyland" is a 96-minute version of a 150-minute 1986 TV movie based on the 1903 Victor Herbert operetta and featuring new songs by Leslie Bricusse. Set in Cincinnati on Christmas Eve, it stars Drew Barrymore, Keanu Reeves and Pat Morita. Most critics hated the film in its original broadcast version, but the removal of nearly an hour and some of the songs may help. One critic called Bricusse's score "an insult to elevators and supermarkets everywhere." It's an Orion Home Video release for $60.

A more traditional adaptation of the same show, "March of the Wooden Soldiers," featuring Laurel and Hardy and originally released in 1934 in black-and-white, is available in a new colorized version from Goodtimes Home Video for $20. (Yet another treatment of "Babes in Toyland," produced in the early '60s and starring Annette Funicello, Tommy Sands and Ray Bolger, is still available from Walt Disney Home Video for $20.)

"The Judy Garland Christmas Show," released by Warner Reprise Video for $20, is an awkward but ultimately touching 50-minute TV show originally broadcast in 1963. Garland appears with her children, Liza Minnelli, Lorna and Joey Luft, as well as Mel Torme. Songs include "Silent Night," "Winter Wonderland" and the holiday classic Garland introduced in "Meet Me in St. Louis," "Have Yourself a Merry Little Christmas."

"Timmy's Gift: A Precious Moments Christmas," narrated by Roddy McDowall and featuring the voices of Don Knotts and Dom DeLuise, is one of several $15 holiday tapes from Golden Book Video, which also has "Babysongs Christmas" and "Madeline's Christmas." For $13, Scholastic Inc. is releasing "The Babysitters' Special Christmas," based on a series of best-selling books.

Movies Unlimited's latest catalog includes several Christmas tapes you're not likely to find elsewhere: "A Video Christmas Card" ($15), which includes performances of several carols and a space for your personalized greeting at the end of the tape; "Scrooge's Rock-N-Roll Christmas" ($15), featuring The Association, Three Dog Night and Paul Revere and the Raiders doing carols; "Holy Night" and "Escape to Egypt" ($13 apiece), both of them live-action recreations of the Christmas story; Cecil B. DeMille's 1927 silent epic, "King of Kings" ($70); and an obscure feature-length 1959 film called "Santa Claus" ($20), in which Santa teams up with Merlin the magician to battle the devil. (For information, call 1-800-523-0823.)

Hanna-Barbera Home Video's holiday specials, all priced at $10, include "The Cabbage Patch Kids' First Christmas," "The Steadfast Tin Soldier" and "The Miracles of Jesus," the latest episode in its animated series, "The Greatest Adventure: Stories From the Bible."

AVision Entertainment, the video division of the Time Warner Music Group, has a couple of hourlong $20 tapes: "The Magic of Bing Crosby - Part I," which includes "White Christmas" and "Silent Night," and "The Magic of Perry Como - Part I," with Como singing "Silver Bells."

Several Christmas classics have been rereleased or repriced for the holidays. The 1989 charmer, "Prancer," previously priced at $90, is now available from New Line Home Video for $20. Connoisseur Video Collection has dropped the price on Capra's 1933 holiday comedy, "Lady For a Day," to $30. Fox/Video has the original "Miracle on 34th Street" for $15, as well as a $35 "double feature collector's edition" of "Die Hard" and "Die Hard 2," the popular Bruce Willis thrillers that take place at Christmas.MORE NEW RELEASES

IT'S A WONDERFUL LIFE: THE 45TH ANNIVERSARY COLLECTOR'S EDITION - Maybe one of the reasons Frank Capra's best film fared poorly at the box office was because the preview trailer, which is included at the beginning of this commemorative video, was such a dud. Much more interesting is a "Making of . . ." segment at the end of the video, hosted by Tom Bosley, which provides fun facts to know and tell:

- The film was based on a short story published on a Christmas card;

- It had been planned as a vehicle for Cary Grant, who instead did his Christmas duties on "The Bishop's Wife."

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- The first choice for Mary Bailey, the part that went to Donna Reed, was Jean Arthur.

- James Stewart's contract forbid the film's publicists to capitalize on his still-fresh war record.

- The cozy Bedford Falls set covered four acres, and the snow scenes were shot during a record-breaking heat wave in Southern California.

Republic Pictures Home Video, $19.98. - Russell Smith (Dallas Morning News)

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