Commando (1985)
First Blood (1982)
T2: Judgment Day (1991)

Sure, I've got a hard-on for Schwarzenegger... but he just makes great action movies.

Honorable mentions:

True Lies (1994)
Deadbeat at Dawn (1988) - The end fight is cool as fuck.
Predator (1987)
Black Dynamite (2009)
The Warriors (1979)
Last Action Hero (1993)
RoboCop (1987)
Die Hard 2 (1990)
The Punisher (2004)
John Wick (2014)

I've always felt that Red Heat was an under-appreciated Schwarzenegger film. Of course, Walter Hill knows a thing or two about great action too.

Terminator 2: Judgement Day
the Matrix
Crank

Raiders of the Lost Ark
The Driver
Midnight Run

Die Hard
Predator
Raid Redemption & Dredd (similar films came out at the same time, to Dredd's detriment. Anyway I love em both)

The Raid is the shit.

Commando
Mad Max 2
RoboCop

I love just about all the ones mentioned here so far but don't believe anyone has yet mentioned my top three:

1) Seven Samurai
2) Hard Boiled (1992)
3) The Wild Bunch

Other Greats: The Road Warrior, the HK films of Bruce Lee & Jackie Chan & Sammo Hung & Jet Li, Gone in Sixty Seconds (the original) & The Junkman, John Woo's Better Tomorrow 1 & 2 and Bullet in the Head and his unreleased cut of Hard Target, Point Break...

I can't limit myself to just 3:

Code of Silence
Dead-Bang
BloodFist 3
The Immortals
The Big Hit

HM: The Base (Mark L. Lester)

I'm not really that into them but Die Hard is a guilty pleasure of mine. Whenever I see it's playing on TV (which is quite often) I'll make sure I arrange my schedule around it.

Bullit
Gone In 60 Seconds (not the shit remake)
First Blood

Man that is tough. There are so many Sci-fi, Martial Arts, War, Western, Crime, Adventure etc. films that are also considered action. Sticking wth just pure testosterone filled action. I agree with you in Commando and Die Hard. 3rd I would probably say Road Warrior.

Die Hard
Terminator 2: Judgment Day
Mad Max: Fury Road