All information on this page is from the DBZ Live Movie Forum

Release Date:
The Movie was set to come out in the summer of 2004. But apparently, due to some casting problems, it may com out in early 2005.
The title would most obviously be DragonballZ, but FOX is leaning toward DragonballZ: Unlimited, or Dragonball Z: Fight for Mankind.
Director and script writer:
The Director: Roland Emmerich (Universal Soldier, Stargate, Independance Day, Godzilla, The Patriot).
Script Writer: The script was written be Tedi Sarafian (who wrote the script for Tank Girl and Terminator 3: Rise of the Machines)
DBZ creator Akira Toriyama was hired as the films consultant but wanted too much control over it so FOX made him sing a new contract which basically gave him the boot.
Music:
Hans Zimmer

Puarr, Oolong, King Kai: These guys will be CGI, and don't worry, Puarr Oolong will only have small cameos. The voice actors from the show will do the voices for these characters on the movie.
FOX is shooting for a PG-13 rating and a running time of somewhere between 3 to 4 hours. They are hoping for the DBZ movie saga to be 4 episodes long (4 movies). They will most likely be The Saiyan Saga, The Frieza Saga, The Android Cell Saga, and the Majin Buu Saga. George Lucas' CGI Company ILM has signed a contract to do the special effects so expect some kick ass action scenes and imagery.
The hair will be very unique. It will be relatively normal but still have "bounce". Frieza will be mentioned but he will not make an appearance. Goku's uniform will be blue and not orange. Sets are currently being built at the FOX Studios in Sydney, Australia.

Plot Outline:
When a mysterious being with superhuman powers abducts Son Goku's son, he and his hated enemy must band together to defeat this threat. But when this encounter ends with Goku's death, Piccolo learns of a greater threat: two more aliens are coming to Earth, and they are even stronger then he is. Armed with this knowledge, Piccolo takes it upon himself to train Goku's son and warn the Earth's warriors. However, Goku's journey does not end with his own death...

The Plot: (WARNING: SPOILERS)
The movie starts off on the Saiyan's home planet. Bardock sends his son out into space along with several other Saiyan babies in their separate pods, all heading towards a different planet. Shortly after being launched they are all blasted into dust and only Goku's (or Kakorot's) pod escapes and soon after crashes on Earth. He lands near a Buddhist Temple where he is raised to be a kindhearted boy by all of the monks. Years pass and the monks are unable to find an outlet for Goku's inhuman strength so they send him off to train with and old martial arts master, Master Roshi. There he meets Krillan and they become good friends. Roshi teaches them to use energy as a weapon (energy blasts) and all seems well until one night when Goku sees the full moon and transforms into a giant monkey, or Oozaru. Goku goes about his rampage until Krillan blasts his tail off and he returns to normal.
During that same time another alien ship crashes on Earth. This time it's Piccolo and he's carrying the Dragonballs with him. Now at this point Piccolo is one bad mofo and his only desire is to conquer Earth. By doing so he hunts down the strongest fighters on the planet and kills them, but little does he know the two strongest fighters are kids. Piccolo causes a good bit of damage that attracts the media and once Goku and Krillan get wind of it they head off to face him against Master Rosh’s wishes. A huge battle takes place between the three fighters and at the end Krillan jumps in front of a blast to save Goku's life and dies. Goku freaks out; his tail grows back, transforms into the Oozaru again, and nearly kills Piccolo. But Piccolo finds out his tail is his weakness and he cuts it off, returning Goku back to normal. Goku is out cold and it looks like Piccolo will take the win. But Roshi shows up and stops Piccolo from killing Goku. Roshi is ready to hand Piccolo's ass to him but he lets him go in exchange for knowledge of the Dragonballs. Once Goku awakes Master Roshi explains to him what happened and he decides to find all the Dragonballs to wish Krillan back to life.
Unfortunately Master Roshi lives like a hermit and has very little money and resources to do such a thing. It would end right there but luckily Roshi is friends with billionaire scientist and owner of Capsule Corp., Dr. Brief. Brief decides to finance their adventure and soon enough they, along with the daughter of Dr. Brief, Bulma, are on their way across the world to find the Dragonballs. They are all eventually found and the eternal dragon Shenlong is summoned to grant their wish. Krillan is revived.
10 years pass and Goku is now married to Chichi and has a 7 year old son, Gohan. Goku and Krillan have signed up to compete in The World Martial Arts Tournament. Once they arrive at the tournament they see that Bulma has signed up too. As the tournament begins and progresses the only fighters left in the final rounds are Goku, Krillan, Bulma, Yamcha, Tien, and a mystery fighter. As the final rounds are about to begin five pods crash into the stadium. In them are Raditz and four other Saiyans. Raditz tells his brother of his past and what he is. A huge brawl between the tournament fighters and the Saiyans begin. All of the Saiyans are killed in the fight except for Raditz who snatches Gohan and flies off with him. Goku and the mystery fighter chase him down into a barren desert land. The mystery fighter reveals himself to be Piccolo. A battle between the three insures until Piccolo finishes off Raditz but not without killing Goku in the process. As Goku lay on the ground dying Piccolo promises him that he will find the Dragonballs and wish him back so they can have their rematch. Raditz transmits this to Freiza's mother ship and tells Piccolo that his team mates are coming and will destroy Earth. Piccolo is major pissed off and blows Raditz away (cool). Once the rest of the gang discovers what happened, Krillan, Yamcha, and Tien begin their training with Master Roshi and another martial arts master, Mr. Popo. (Don't ask me how they came up with that one.) And Goku trains with Kai (aka: King Kai) in the afterlife. Meanwhile Piccolo takes Gohan with him in order to train him. He believes that Gohan could be the strongest one of them all.
Back at the mother ship Vegeta and Nappa are ordered to go to Earth and retrieve Kakorot and the Dragonballs. It takes two years for them to reach Earth and during that time everything pretty much happens the same way it did on the show. Everyone has grown much stronger, especially Gohan. The Dragonballs are gathered and used to bring Goku back to life. However it was too late because the Saiyans have already reached Earth and Goku must run through Snake Way before he can join his friends. The big battle starts and Yamcha, Tien, and Piccolo are all killed by Nappa. Goku finally arrives and quickly disposes of Nappa. Before he goes one on one with Vegeta he tells Gohan and Krillan to leave. They do as he says and the classic battle begins. Goku vs. Vegeta. Once Vegeta finds that Goku is too much for him to handle he transforms into an Oozaru and nearly kills him. But Krillan and Gohan are back at ground zero and once Gohan transforms as well it's an all out giant monkey brawl between Gohan and Vegeta (cool again). Vegeta rips off Gohan's tail and Krillan blasts off Vegeta's tail. They both return to normal and Krillan gives Goku the Sensu Beans. Goku is now back to his full strength but Gohan is badly injured. Vegeta tricks Goku into thinking he killed his son. Goku goes mad with rage and shows hints of something much greater than an Oozaru. And then it might have something like to be continued or something like that. You will just have to wait and see..
-Dbzsc and Dragon Ball Z Live Action Movie Un-Official Forum ®

other News
This is it, The Confirmation of the Dragonball Z live action movie. Screenwriter Ben Ramsey has inked a half-million-dollar deal to adapt "Dragonball Z" for 20th Century Fox. Source: Variety (http://www.variety.com/)
Screenwriter Ben Ramsey ("The Big Hit") has signed to adapt Dragonball Z for the big screen for 20th Century Fox, reports Variety. Dragonball Z was adapted from the "Dragonball" manga created by Akira Toriyama and later developed into a Japanese anime series.
"Dragonball Z" follows the adventures of an adult humanoid alien who's just discovered that he was sent to Earth to blend in and destroy our population but instead elects to protect it from an oncoming alien onslaught.
Ramsey recently wrote the adaptation of Marvel's Luke Cage at Sony's Columbia Pictures, as well as Static for Columbia-based producer Neal Moritz.
So, in just a few years a dbz movie will finally hit the big screens, very interesting. All of those who still don't believe that the movie will be made, that's fine, we can all play the waiting game.
Update: After making a few phone calls, I have now confirmed this information true.
NOW IF YOU STILL THINK THIS IS BULL NEWS AND NOT OFFICIAL EVEN FROM Variety THEN YOU ARE DUMB!!! sorry to say, so sit back and wait for the movie of the century!
- http://www.dbzsc.com/ http://dbzlivemovie.tk

UPDATE: MORE NEWS:
Ben Ramsey Adapting Dragonball Z for Fox Source: Variety Friday, June 25, 2004 http://comingsoon.net/news.php?id=5286
Screenwriter Ben Ramsey ("The Big Hit") has signed to adapt Dragonball Z for the big screen for 20th Century Fox, reports Variety. Dragonball Z was adapted from the "Dragonball" manga created by Akira Toriyama and later developed into a Japanese anime series.
"Dragonball Z" follows the adventures of an adult humanoid alien who's just discovered that he was sent to Earth to blend in and destroy our population but instead elects to protect it from an oncoming alien onslaught.
Ramsey recently wrote the adaptation of Marvel's Luke Cage at Sony's Columbia Pictures, as well as Static for Columbia-based producer Neal Moritz.

Welling News:
According to the July issue of Teen People Magazine, it says that ‘Tom Welling’ is hoping to land the role of Goku in the upcoming live-action Dragonball Z movie. Tom Welling is dude who plays superman on a show called Smallville's. This news has been rumored on Smallville fan sites for a few months as well.
"There is speculation that Smallville's Superman (Tom Welling) is dropping his cape and donning a wild new doo to land the role of Goku in the now on again Dragon Ball Z film."

According to CinemaTown, the movie is going to be filmed partially in the US Fox studios and in Mexico. It is scheduled to 2007 and apart from some conversations with Bill Goldberg and Ray Park the casting process hasn't started.
"After the rumours circulating the internet about Dragon Ball Z's movie revival, it seems that the 20th Century Fox's live-action movie is now scheduled to 2007. 'We're trying not to rush the production, so we expect the movie to come out in 2007. First we'll shoot in our studios here and then we travel to Mexico.' Fox's VP of production, Peter Kang, told CT. DBZ fans will have to wait more 3 years for the much-anticipated film. The revival has started a few months ago, and the only thing known is that Ben Ramsey (The Big Hit) is doing a Saiyan Saga script after Luke Cage's pre-production is over. As for the title Peter Kang assured that because of being a multi-picture franchise, the movie will have a second title like Saiyan Invasions or Unlimited. The cast and director have not yet been chosen but there are official conversations with Bill Goldberg (Universal Soldier: The Return, Looney Tunes: Back in Action), Tom Welling (Smallville, Cheaper by the Dozen) and Ray Park (Star Wars: Episode 1 - The Phantom Menace, X-Men). Kang revealed that the casting process hasn't started yet but assured both actors and director will be 'known faces with good acting abilities, perfect for the roles and physically similar to the characters.' CT knows that with the ending of Star Wars in 2005, Fox plans to introduce the Dragon Ball franchise with a minimum of five 4-hour-movies."
Good news, I suppose.