This one should have worked. Oedekerk, writer and director of this mediocrity, is also the star. He uses digital film-editing techniques to insert himself into the older film as the new hero, a creative idea that in better hands could really have been funny.
The Chosen One saw his family killed by the evil Master Pain/Betty and was raised by rodents. He finds his way to Master Tang, then falls in love with Tang's daughter Ling, who speaks in a perpetual whine. The stop-action overdubs and hesitations are funny at first, but then are just headache-inducing. There are a few inspired moments -- I personally loved the karate brawl with the dairy cow -- but the movie derails as he comes closer and closer to his confrontation with Master Pain.
Don't be fooled by the trailers. Every funny scene is in them. There are few movies I can't sit through, but this one was a struggle. It really isn't worth much more discussion, and my best advice would be to skip it altogether.