Red referenced a perfect SBIG Movie.
Trailer:
Everything depicted on the poster does happen in the movie, for better or worse...
It has all of the hallmarks. Terrible plot, terrible acting, terrible direction and cinematography, a lead actor who barely speaks English... it's a total trainwreck. They really tried to make a hard hitting action flick with heart, but ended up getting laughed out of hollywood and the film sat on a shelf for years before being rediscovered and viewed under a different light.
Now it has legitimately become famous for how epicly it fails. When Drafthouse Films saw potential for the interest in it and wanted to pick it up for distribution, they contacted the director/lead actor, Woo-sang Park, about the rights and he hung up on them because he thought he was being pranked. He didn't think anyone would seriously want to distribute it. Now people have bad movie watch parties around movies like this where they just laugh at it and have a good time. It does have a Rocky Horror vibe to it in that way I s'pose, but these types of films are a whole different thing.
Oh and btw, they're all orphans, black belts in Tai Kwon do, in a band, and they end up fighting a drug dealing ninja biker gang.