The short story goes... in August 2011, Eddie Murphy teamed up with director Alex Zamm (Tooth Fairy 2, Beverly Hills Chihuahua 2) to make a live-action version of the classic cartoon Hong Kong Phooey.
We must have missed the announcement of the project, because, I checked the S&A archives and didn't find any posts on it.
Over a year later, the movie obviously hasn't happened; will it? I dunno. I don't think I particularly care either, especially if the video below is anything to go by.
All that's left of the project is some test footage that was shot for it, and that has surfaced. Apparently Zamm released the footage online, via his Vimeo page, and it's embedded below for you to check out: