Blue Travesty is right. There is a 10 pack of movies form Video Asia called Shaw Legends and it has 10 of the worst movies ever. While they were all HORRIBLE, I actually found one of the Gordon Liu movies had a couple of good action sequences. I couldn't name what the movie is about though. The only real wachable movie in that pack was a Chi Kuan-Chun movie but of course it had to have absolutely unwatchable picture quality.

It is truly amazing how many of hundreds of bad kung fu movies there are. Anythign with Godfrey Ho and Ninjas is going to be bad.

One movie that is seriously so bad it is good is Swordsman With An Umbrella. In the final fight they don't slow down the camera footage but rather have the actors going by eachother real slow with swords and try to look like they are in slow mo.

One movie that was bad but has good kung fu is Fists, Kicks, and Evils. Bruce Liang gives the absolute best and worst acting performance of all time. HIGHLY recommended.