Honestly, I'd say that the worst video game movie is Max Payne, purely on the basis that they had such great source material to work with yet still made a terrible film.
Street Fighter and Mortal Kombat - how can these be considered terrible adaptations when there's hardly anything to adapt? Street Fighter is a 2D fighter that included a man who's arms stretch to the other side of the room, another who can shoot fireballs out of his hands, a woman that can fly in mid-air by spinning her legs around, upside down, a green monster... yeah, you get the idea.
SF and MK had practically nothing going for them. There was little to no plot, as what there was in the games are purely to give a remote excuse to add the bizzare selection of characters (or excuse for a game). And yet they still achieve a level of entertainment in a cheesy kinda way.
Max Payne on the other hand could've been a better film had they just copied the story and dialog word for word. The story (especially the intro) is one of the best examples of equilibrium to disequilibrium in any story, Payne being a character we could easily related to, and so forth... and yet the film managed to make Payne completely unlikeable? I could hardly believe that was possible. The game was a pure action game, yet the film was a slow paced thriller.
There are no laughs in Max Payne, no likeable characters, no element to the story that draws you in, no catchy dialog, and the action sequences, or what there are of them, are uninspired and unmemorable. Give me SF and MK any day.