Update: It looks like the studio is hunting down this trailer online and removing it from various sites. We’ll see if we can get another version of it up soon.

You will watch this trailer and believe you’ve been transported to another decade. This three minute promo for The Expendables—Sylvester Stallone’s latest project as writer/director/star—has pretty much everything you’d want from a cheesy as all hell ’80s action flick. A group of tough guys gathered to take out some military leader, check. A mysterious female contact who they can’t trust, check. Explosions and said tough guys leaping away from those explosions in slow motion, you bet your ass.

And perhaps most telling that this film knows exactly what it wants to be, you have Dolph Lundgren referencing Showdown in Little Tokyo with “Bring it happy feet!”—this time with Jet Li in the place of the dearly departed Brandon Lee.

I suppose at this point the lot of us have already made our minds up about this film. For me, the combined cast of Statham, Rourke, Terry Crewe, and Danny Trejo (in addition to those mentioned above) has me sold. Stallone proved he can still shoot action with the latest Rambo, and I’m getting good vibes from what we see in the trailer. Most importantly, all the main actors seem to have a good rapport with each other, and that’s exactly what I’d want out of such a dream team cast.

The negatives: David Zayas may not have been the best choice as a ruthless military dictator. Perhaps its because I mostly associate the guy with his lovable character Batista in Dexter, but from the glimpse we’ve seen it doesn’t seem like he’s channeling his Enrique Morales from Oz in this film. Then again, it may just seem bad out of context.

The Expendables is currently slated to hit theaters on August 20, 2010.

Discuss: Are you sold on The Expendables with this trailer? Is there another action star you would have liked to see in the film?