I know some would argue that this is a superhero movie and not a horror movie but Guillermo Del Toro (one of my favorite horror directors) brought it to the screen and I would argue it has just as much horror as action.
The Blade series follows the adventures of a man who was born half-vampire and can walk in the sunlight. He hunts down vampires all over the world and kills them to avenge the attack that turned his mother into a vamp. This movie sees a new breed of vampire that only feeds on other vampires. The powers that be in the vampire world assign a group of vampire assassins known as The Blood Pack to work with Blade in taking down these super vampires. Wackiness ensues.
For every scene of vampires breaking into blood banks or being generally evil, we get an action sequence of Wesley Snipes kicking unholy amounts of ass. The Blood Pack are fun as foils (Ron Perlman plays one of them) and Kris Kristofferson reprises his role of Whistler, the mentor to Blade. Del Toro keeps it from getting overstuffed and brings blood back into the series (the first movie just had a lot of vampires turning to ash). There is plenty of grue and gore as Blade works his way through all kinds of vampiric enemies.
If you like your horror mixed with action, this is not bad at all. The Reapers (the super vamps) are pretty scary in their conception. This is a slightly silly movie but fun on a Saturday afternoon. Oh, and for fans of him, that is Norman Reedus as Scud, Blade's weapon maker.