Oh, man. I read this thread at work on my cell phone, and was wanting to answer it all day. Almost all of the live action movies I watch are shitty movies, and I only do so because I find them to be infinitely more entertaining than movies that actually succeed at doing what they want to do. There are exceptions to this rule (Dark Knight, for example), but in general I have the most fun with shitty action movies like these . . .
Anyways, one of the movies I talk the most about in my circle of friends is Mcbain (1991) http://www.imdb.com/title/tt0102422/ This is easily one of the dumbest action movies ever conceived, which in my eyes makes it nearly unassailable. You've gotta love a movie that unflinchingly portrays scenes of inanity, such as when main character McBain shoots down a fighter jet with no less than a handgun, or where his badass surgeon friend performs an operation in some bacteria-infested jungle somewhere in Colombia with nothing else than a bic pen and a knife. Viewers will constantly be left in awe at what the directors/writers/whoever is in charge of this shit think they can credibly get away with. Throw in some truly abysmal dialogue, and you're good to go!
Punisher: War Zone (http://www.imdb.com/title/tt0450314/) was universally panned by critics, which is completely understandable. Aside from the appropriately stone-faced Ray Stevenson as the titular Punisher, none of the actors really hit home well enough for the acting to be called exceptional in any way. But I liked it because it featured the same unabashedly crazy action that peppered Mcbain (mentioned above). There were scenes that had me literally asking myself "Yo, did I really just see that shit?". It doesn't feature the same apocalyptically bad dialogue that McBain had, but the f---ing unbelievable action scenes made up for it.
My buddy got completely stoned one day and downloaded a whole bunch of shit online, one such file being Riki-Oh: Story of Riki )http://en.wikipedia.org/wiki/Riki-Oh:_T … _of_Ricky). This is a tough movie to talk about because so much of it defies logic. Everything about the movie is poor, but somehow, the film becomes so much more than the sum of it's parts that even now, it is hard to find words. How does one explain the first time you see some of this shit happening? Dogs get kicked in half with an almost pornographic level of glee, heads are exploded like so much ripe fruit, dudes get skinned and tortured in ways that are as brutal as they are bizarre and creative. It sounds like a hard movie to stomach, but the low-budget effects make it goddamn hilarious. I strongly urge everyone to watch this movie (in the English dub, if at all possible).
That's my list so far. My holy trinity of terrible movies that I love.