I agree on Nic Cage's trifecta in 1997: Rock, Con Air and Face Off. This body of work is right up there with the Die Hard series.
I thought the Rock was pretty good but ConAir and Face/Off did nothing for me. Nicholas Cage can NOT play a badass. I rented "National Treasure" a couple weeks ago though and it was semi-decent. T2 and the Matrix are the best ever, IMO. Predator is pretty high up there, too. As far as action-comedies, Leathal Weapon 2, Big Trouble in Little China and They Live top my list.
Terminators... how could we forget. P.S. Aliens? Good. Predator? Good. Aliens + Predators? Not good. On a side note: Bryan Singer (X-Men and X2) is working on a new superman movie. It's pretty cool. Singer has a blog dealy with clips of the making of the movie and its pretty interesting. I don't know if I can post links.
My girlfriend is way into action movies, far more than I am, but she's made me watch some pretty awesome movies that I would not have watched otherwise: Equilibrium - this movie is really cool. The gunfighting is bad ass. It got pretty good reviews, but I don't even remember it being in theaters. Blade I & Blade II - great fights, okay storyline. Blade III sucks though, according to mah woman. I won't mention the girly movies she wants me to watch. A man has his dignity. Fo' shizzle.