There have been talks of a live action Iron Fist movie in 2001, the film was set to star Actor Ray Prk in the lead role. But the project didn't work out and got canceled along the way... The rights to the character have since reverted back to Marvel.
There's reason to hope again though. During the last Comic-Con, Marvel Studios President Kevin Feige revealed indeed that Marvel could consider a live-action Iron Fist movie after the release of the Avengers (which is scheduled for a 2012 release):
For those who don't know him, Iron Fist (Daniel "Danny" Rand) is a comic book superhero from the Marvel Comics universe. Iron Fist is a martial artist who fights evil with his consummate fighting skill backed with the ability to strike with a punch of superhuman force. The superhero Iron Fist became really popular with the Heroes for Hire comic books when he teamed up with Luke Cage aka Powerman.
The movie Iron Fist is far from a done deal. Some are speculating that Marvel would rather rather consider a Heroes for Hire movie that would feature both Iron Fist and Luke Cage.
Anyway, more information about the movie Iron Fist soon!
Update 1 - 08/26/2010 - Rich Wilkes, the scriptwriter behind XXX, has been hired by Marvel to pen a draft script for Iron Fist.