Universal Pictures and 2K Games have entered an agreement to produce a movie based on Bioshock. At this stage the writer is mooted as John Logan (Gladiator, Sweeney Todd), with Gore Verbinski (Pirates of the Carribean) tapped to direct.
Obviously there's no release date being talked yet, and if you recall back to the anticlimactic tale of the Peter Jackson Halo movie you should be aware there's a lot of water between "entered an agreement" and "in cinemas".
Bioshock is last year's award winning first-person-shooter which told the tale of Rapture, an underwater objectivist dystopia, and of a mysterious stranger who washes up at its gates. It was developed partly in Australia.
Story via Gamasutra.