The match started with Gage breaking a door and attacking Arquette with pieces of it before the actor replied with a couple of suicide dives.
That was when Gage got his lights, which Arquette broke when he drove his rival through them as they balanced between two chairs.
Gage then used a pizza cutter on Arquette's head and both men took advantage of the broken light tubes, but the Hollywood star was on the receiving end of the most damaging move of the night.
Arquette came back into the ring after initially walking out, but the fight didn't continue much longer as Gage pinned him and won the match.
Multiple reports from US media claim Arquette then went to hospital but he took to Twitter afterwards to tell everyone he was OK, saying he received stitches and joking death matches "aren't my thing".
Arquette has had acting roles in the Scream franchise, Never Been Kissed with Drew Barrymore and Beautiful Girls. He has also appeared in numerous TV roles, both in starring roles and cameos.
But it may not be so well known that Arquette is a big wrestling fan who has history within the industry. Memorably, he became the WCW World Heavyweight Champion in 2000 as part of a stunt to promote his wrestling movie Ready to Rumble.
Now 18 years later, Arquette is back at it. He told Fox News during an interview in September he had decided to stage a comeback to the professional wrestling ring.
"I literally feel like I'm Rocky, I mean, I'm in the gym sweating like crazy going to the gym every day for hours, you know, getting it so I don't get winded so easily and putting on muscle losing a bunch of weight," he said.
"It's all about training, it's all about determination, it's all about, you know, believing in yourself."
Arquette was putting in the hard yards as he aimed to return to the ring, reportedly taking part in small wrestling shows around America — like the one on Saturday night — and according to TMZ, he had already suffered some broken ribs as he continued along the comeback trail.
"WWE's not the goal. I mean, I love WWE. I would love to do anything with them ever, but my main goal is getting some respect. That really was what it's about," Arquette said this month.