This trailer for Elizabeth: The Golden Age would probably be very interesting to our kids--amazing costuming and a mention of Sir Walter Raleigh and the Spanish Armada. It's brief, but dramatic, so I would recommend watching it first just to make sure it wouldn't be scary for your children. It doesn't give a lot of information, but gives a striking visual picture of all they've talked about.
This is the extended version of the trailer (5:22), which offers even more of the whole story and thus makes it very memorable, but even more so--do watch this to see if it's appropriate for your particular children and movie-watching standards. There is a man pointing a gun at Elizabeth, as well as the implication of Mary Queen of Scots' beheading around 2:30 (sound effect included) and of a man being hanged around 4:00.
This is an...interesting music video (with a side of overstimulation) on Elizabeth I designed by history teachers to make it fun.
Biography.com also had this video on Elizabeth I. This page was designed to offer fun facts for kids, and this five-page pdf is a brief unit study with activity pages and interesting graphics.
Here's a British video on the Spanish Armada.