Synopsis:

The militant Islamist Chechen Basayev abducts the children of the President and takes control of Chernobyl, threatening to unleash a radioactive cloud unless his demands are met. Luc Deveraux (Van Damme), now a Universal Soldier again, joins a new team of UniSols secretly held in deep storage. Their mission is to retake Chernobyl and disable explosives that will unleash radioactive clouds. Luc discovers that one of the reactivated Universal Soldiers is a clone of his old, homicidal Sergeant, Andrew Scott (Lundgren). He also must face the NGU, the next generation in the UniSol biotechnology.

Good to know Dolph is still up and about, and hanging with JCVD.

So in the above sequence, the bad guys have crucified Gibson, and he's reliving the moment when the evil Fender stole his daughter and left him, his wife and their kid to die in a well. (The daughter has a chance to save them, but only if she can hold on to a barbed-wire rope. Ouch.) Reliving the trauma from this event makes Gibson upset enough to kick a hole in the cross that's holding him up, while both his flashback self and his now-self scream "FENDER!!!"

So here's the final battle, including a great bit where Gibson is fighting a guy... who sort of casually strolls into a fairly small, contained flame. The guy instantly catches fire all over his body, and then stumbles into a car... which explodes. Yeah!! And then Gibson finally faces Fender... who takes off his sunglasses, revealing really skanky contact lenses. They stare at each other, the closeups getting tighter and tighter, until... FIGHT!!!

According to Wikipedia, this movie was made instead of a sequel to the live-action He-Man And The Masters Of The Universe and a live-action Spider-Man movie. Both the He-Man and Spidey films got cancelled, so the studio threw this masterpiece together instead. But it all turned out for the best, since it led to Cyborg 2, starring Angelina Jolie.

According to CinemaBlend.com, the potential third-but-really-fifth (There was a fourth chapter as well, and no, I don't really get why they've decided that US2 was somehow spared in their ignorefest either) movie in the franchise is actually somehow a good thing:

The exciting thing here is that it's not just another direct to DVD sequel with a bunch of replacement parts. Jean-Claude Van Damme, who starred in the original Universal Soldier, is in talks to topline this new one. Right now they're developing it as a DTV project, but if they get him and if some of Van Damme's other upcoming projects like Full Love do well, there's a chance it could end up becoming a theatrical release. There've been whispers that Dolph Lundgren may be involved too, though that's little more than a rumor at this point.

Lundgren And Van Damme Return To Universal Soldier [Cinema Blend]