Handled right, Sly Stallone's testosterone-fuelled hokum could have been fun. But it's not. Stallone mostly plays the action straight, and it's aimed at 12-year-old boys.
Sly and his grunts (Jason Statham, Jet Li etc) are hellbent on overthrowing a South American dictator. Typical lines here include "bullets are faster than blades". Sly, as usual, grunts incoherently, and the scene between Stallone and Mickey Rourke, slurring furiously, is inpenetrable. However, the usually wooden Statham is quite good, and it's nice to see Charisma Carpenter from Buffy the Vampire Slayer get a part. Not silly enough, and the scene between Arnie, Willis and Sly isn't as droll as it thinks it is.