My personal top 10-ish cannon films (my Cannon Canon, if you will):
Breakin' and Breakin' 2: Electric Boogaloo -
Yeah, they're kind of goofy, but they're a ton of fun with lots of energy and some good dancing bits - it's hard to be cynical about that!
Enter the Ninja -
Franco Nero as a Ninja, battling an evil CEO and his ninja assassin? Brilliant stuff!
Revenge of the Ninja -
The followup to Enter the Ninja with Sho Kosugi as the Ninja this time who swears off his ninja was when his family is murdered, only to take up the sword again when his business partner turns out to be a ninja assassin.
Ninja III: The Domination -
You think the other two Ninja flicks were crazy? Fine - how about Ninja genre flick mixed with The Exorcist with a hint of Flashdance? Yes, it's completely ****ing nuts.
The Texas Chainsaw Massacre Part 2 -
Despite being an exploitation studio, Cannon did very little slasher flicks (especially past about 1982 or so) - which really make's Tobe Hooper's TCM flick stand out. Mind you, it's more Dark Comedy than slasher, but it's still pretty good!
Invasion USA -
While Cannon is the House that Chuck Built, this is probably his best work with them. Great action, loads of explosions, murder and mayhem left and right - a perfect Christmas movie!
Runaway Train -
Despite being producers of Low Budget Schlock, occasionally they managed to produce art. Runaway Train is one of those rare instances. If this flick came from any other (read: more respectable) studio, it would have been hailed as a classic.
The Last American Virgin -
One of Cannon's lesser exploited genres - the teen sex romp comedy. The film is a remake of the Go-Go Boy's wildly successful (in Israel) Lemon Popsicle series. Great soundtrack, goofy sex exploits and a hell of an ending that you wouldn't get from a mainstream studio.
Delta Force -
Chuck Norris and Lee Marvin (the manliest team-up in the history of film) bring Freedom to the Middle East by blowing up every goddamned terrorist in sight with a motorcycle covered in rockets. AWESOME!
You raising Ninja 3 as "crazy"?
I see your Ninja 3 and raise you - 9 Deaths of the Ninja. Now that is crazy (not sure if its Cannon though!).