Expert: Andrew Crome - 5/6/2004

Question
early 90's game where a red barron type pilot aviated thru giant floating rings in the sky. another objective was parachuting and trying to hit a target. another a third was navigating a course with a jet pack.  

Answer
It wasn't a Sega game, but it does sound like Pilotwings on the SNES. There was also hang-gliding, as well as bonus "bird" stages, and even a helicopter combat game if you completed the main stages!

Fantastic game, you should find it quite easily. The N64 sequel was an aquired taste, however.