Yes, Mortal Kombat lives on in the recent reboot of the fighting franchise for the Play Station 3 and XBox 360, but also in a new web series of live-action shorts which will culminate in the release of a new Mortal Kombat film. And who should be playing the fabulously arrogant Johnny Cage other than this fandom's own Matt Mullins? (
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You can find the series here (be advised, it is an R-rated series for blood, gore, and language):
http://www.youtube.com/playlist?list=ELeWDvdC4t8Yw