The Mystery of Chess Boxing, originally entitled Ninja Checkmate despite the complete lack of anything even resembling a ninja throughout, is a classic kung fu film largely of note as the source of many early Wu-Tang Clan samples as well as for the fact that one of the famous rap group's members, Ghost Faced Killer, adopted his nom de plume from the film's villian.
An excellent example of classic Hong Kong kung fu films in it's own right, the story centers around Lee Yi Min playing the part of a son out to avenge his father's death. His father was murdered by none other than Ghost Faced Killer, apparently because he conspired with a bunch of other guys to have Ghost Faced Killer killed. Lee Yi Min joins a kung fu school so he can take revenge and in the process meets Simon Yuen(the original film drunken master), the school's cook, (perhaps also the original Iron Chef) who teaches him a few moves. The cook eventually turns Lee over to a reclusive former Ghost Faced Killer killing conspirator, Jack Long to learn the mysteries of Chess Boxing so that Lee can combat Ghost Faced Killer's unstoppable Five Element Fist style.
One of the more enjoyable absurdities throughout the film is that all the kowtowing townspeople immediately recognize the infamous Ghost Faced Killer but act completely stunned when he assumes the Five Element Fist stance. This is a bit odd as this was the style that made him infamous in the first place. It goes something like this:
Ghost Faced Killer: "I've come for revenge!"
townspeople(collectively): "It's Ghost Faced Killer!"
Ghost Face Killer: {assumes stance}
townspeople(collectively): "What?!?! Five Elements?!?!"
In any case, an all-around classic with everything you've come to demand in a good, poorly-dubbed kung fu flick: Revenge, training scenes, old kung fu masters, revenge, sexy skilled kung fu females, training scenes, obscure styles, and revenge.