to avoid gooberizing myself i will try and sum it up in one sentence:
a blind tibetan monk who is a master of the flying guillotine gets a message from his two students saying that they were killed by the one armed boxer (they dont explain how these dead students got this message off [perhaps they used a portal from the afterlife?]) so the monk goes to a fighting tournament where he knows the one armed boxer will be and he and a gang of misfit foreigners (which includes a chinese guy painted dark brown with a glue on beard trying to pass off as a indian yoga master [who can extend his arms when he fights]) try and hunt dont down the one armed boxer...
here, you'll get the picture if you watch this