You mean this?
A Better Tomorrow: Part 2
Hong Kong 1987
Directed by John Woo
Starring: Chow Yun-Fat, Leslie Cheng, Ti Lung, Dean Shek
These are numerous dvd releases of this film (US, HK...). Watch A Better Tomorrow: Part 1 first (It's superior).
In case you didn't mean ABT, they are watching The Street Fighter at the beginning of True Romance (A japanese movie starring Sonny Chiba).