Kung Phooey (2003)
Kung Phooey is an independent film, directed and produced by Darryl Fong. In addition he also co-stars in the movie with Michael Chow and Colman Domingo. The movie is about a monk who tries to find a mysterious lost "Fountain of Youth" (a magic peach). He travels to British Columbia (actually filmed in San Francisco, poking fun at movies like Rumble in the Bronx that disguise BC locations to look like US cities), and, with a new band of friends, tries to retrieve the stolen artifact. The parody comes into play here with many jokes making fun of old Kung fu movies, for instance joking about how all the bad guys make "Hi-yah!" sounds.
More at Wikipedia.