This thread should go here MK Movies and Media Disussion and I haven't heard any news about the movie yet.Also please don't type in all caps.

oh oops. I didnt even see that forum

Dont worry it will get moved there by the mods.

For mk3 movie information check out http://mk3movie.mortalkombatonline.com/.
There is only one thing that hasnt been updated.
That whole subzero thing was proven to be bullshit.
And the movie is scheduled to come out mid 2008ish it was supposed to come out in 2007 but it got delayed by hurricane katrina.and the script got scraped and stated to be rewritten after MKA.
Information can also be found at wikipedia and here
http://www.imdb.com/title/tt0293429/

So what's the movie supposed to be based on? I though it was about MK4 or something.

There is no MK3 movie coming out it's a remake of the first MK film like the
TMNT movie. So just be happy with it.