I liked 'Kung Pow: Enter the Fist'. Does it count?
It was more a comedy, but it did feature parodied martial arts.

Also I have a ton of cheap films, none of which are all that good, excepting one I liked a bit named (and rather originally I might add ) 'Fatal Blade'. It's mostly about a white cop who uses a gun for most of the movie, but it does have some memorable moments and some decent fight scenes. I'd recommend it for the $5 the local bargain bin asked of me. I'd greatly recommend it for that price...