Sylvester Stallone and Ed Wood made movie news this week

SLY MOVES Sylvester Stallone may have shed those 40 extra Cop Land pounds, but his plate is fuller than ever. In addition to reprising his one-man-army role for Dimension Films’ upcoming Rambo installment, Stallone is chewing over weighty parts in Miramax’s race-car flick Formula One and, reportedly, Paramount’s military drama Rules of Engagement. There might be good news here for Stallone’s rejuvenated career as a serious thespian, but it may mean a lot of thumb twiddling for Universal, which signed the star to a $60 million, three-picture deal two years ago, after he agreed to make Daylight. While the actor’s rep hasn’t revealed his next project, don’t expect it to be on the Universal lot. Says a studio spokesman: ”There’s no time limit to when he has to do these three movies. I’m sure over time the three pictures will probably get made.”

INTO THE WOOD Further proof that Hollywood may be going to creative hell in a handbasket: Even the long-lost scripts of legendarily awful filmmaker Ed Wood (Plan 9 From Outer Space) are now considered legit properties. I Woke Up Early the Day I Died, an indie production about a thief on a homicidal bender, has just wrapped. No word yet on whether stars Billy Zane, Christina Ricci, Eartha Kitt, and Nicollette Sheridan sport really tight angora sweaters.

FURTHERMORE While the top prize at the Venice Film Festival went to the Japanese entry Hana-bi, the acting honors went to two Americans: One Night Stand adulterer Wesley Snipes and Niagara, Niagara Tourette’s sufferer Robin Tunney.