Sorbo says there was talk of doing 2 more sequels
http://www.youtube.com/watch?v=cCkINBFd5ck
Granted, this was about 5 years ago and it was just talk. But, if it were to happen count me in. I don't care what you think, I like these movies. Go around the 7 minute mark to hear him talk about it.
"A drunk man's words are a sober man's thoughts."