If it's showing on TV and you want to laugh, watch it. Just don't spend any money on it.
The plot was ridiculously banal and was completely secondary to the whole thing. The movie is just a B-film action celebration, with stupid, overplayed "round one, fight!" streetfighter kinda sound effects for every geek to love and every normal person to have a ball laughing at.
Basically, fast forward to the last half an hour or forty minutes to listen to some guy announcing the different countries and to hear the gong blast before watching some silly but cool fights. I mean, they're all pretty lame because you KNOW that the obvious ending is to see the American Van Damme fight the heartless big bad behemoth, but it's always more interesting to see what happens to the OTHER fighters...
Who wins between Russia vs Spain (a great fight)? China vs Korea? Turkey vs Holland? All the fighters are portrayed as the stereotypical image of their country and it's really quite a blast. The stand-outs are the Turkish fighter (serious Ottomon savage), Chinese (monkey-acrobatics), Japanese (fat sumo), Korean (buff asian), Spanish (flamenco dancer who hits on the only chick in the film), Greek fighter (ethical) etc. Roger Moore's presence is a joke and yeah, only if it's on TV and you're bored.