Deadly Finds (2001)
'The Columbian drug cartel has finally met its match.'

In this movie Steven Segal plays an undercover FBI agent who is investigating a drug cartel in Columbia. However, during the investigation his wife is brutally murdered, though it may or may not have been done by drug dealers. Notice the plot involves two Seagal staples; murder of a loved one, and drug dealers. Seagal playing an FBI agent only adds to the points. Also notice the poster features a closeup of Seagal tinted blue and holding a gun. The explosion, while perhaps not necessary, ads a nice orange to contrast the blue of Seagal's face and hand. And of course the title follows the two-word rule perfectly.
Harvester (2006)

This movie was faked on IMDB, but later ended up being Attack Force, which is probably worse than this would have been. Here's the original entry I had written:

Very little is known about this movie, but apparently it's already been filmed. According to random posts on IMDB, it's about aliens seducing man. So, Seagal has moved on from playing the same tough guy cop in every movie (which he could still be playing here) to movies with plots befitting of a soft-core porn you'd watch on Cinemax at 3am on Saturday night. Not that I know that from experience or anything... no sir. It's written by the same guy who wrote Shadows of the Past, Today You Die and Into the Sun, though with those last two he is uncredited or only credited with the story and not the screenplay (which means his script got changed quite a lot in both cases).
Under Siege 3: Plane Danger (2007)
'Terror Flies High'

This was removed from IMDB, so apparently it wasn't real. That makes me a little bit sad. Original entry:

According to IMDB: "Casey Ryback is sent on a mission to take out Muslim terrorists who have taken over a flight from Israel to USA.". So if this turns out to be accurate the Under Siege Trilogy (oh good lord, saying that makes me feel funny, and you know they'll make a boxed set) will have covered the three basics: terrorists on a boat, terrorists on a train and terrorists on a plane. Already this movie has the makings of a classic (or at least formulaic) Seagal movie, and there isn't even a full cast for it yet! Also, the subtitle (Plane Danger), which I noticed on March 19th, 2006, is hilarious. I hope it's not real (okay, I hope it is real).
Prince of Pistols (2008)

Steven Seagal is credited as a co-writer and director for this movie, as well as being attached to play the title character (John Prince). I don't know what else I can possibly say. Oh yeah, it was originally slated for release in 2006 but is now pushed back to 2008.

Oh yeah, B.B. King is in talks to have a part in it. That's right, blues legend B.B. King. Why, B.B., why!? Do you need money? I can loan you a few bucks. Don't do this to yourself.

Update: This movie has been removed from IMDB so I can only assume it was fake or canceled. Perhaps he thought it a bad career movie to be in two movies with the name 'pistol' in the title in the same year.