Well I'll list some of the films that I loved as a child, may not all be appropriate by I turned out alright (well depends on who you ask)

Princess Bride 
Raising Arizona
Clue
Big Trouble in Little China
Coming to America
The Golden Child (although bad stop-motion devil at the end might cause a problem)
Predator (yes I saw Predator 50 times before the age of 9)
Tango and Cash (Humor and action, and Kurt Russell)
Star Wars (I honestly get upset when I meet people my age who haven't seen all of these films a dozen times or more)

As for foreign films
Alice (Jan Svankmajer) - It's dubbed in English and well if kids can watch that Disney garbage, why not watch this.
Children of Heaven - there's some reading, but well good to show kids how another country has it.
and damn I don't think there are too many, hard enough getting grown ups to sit through subtitles, and since I never saw foreign films as a kid, couldn't see how today's kids would be up for them.