I think the first Mortal Kombat wasn't that bad really.
Anyway, Tekken. I love the game, I think it would work great as a CGI movie or an anime or something like that, but I really think a live action movie is doomed to fail. It's like Wolverine or Spider-Man or G.I.Joe. It's all cool in a comic book or a cartoon, but when this characters are "moved" in the real world they either have to change so they'd fit better or look really retarded in bright spandex.