“Volcano High” arrived in 2001 as a bold declaration that Korean cinema could deliver spectacle on the same high-octane wavelength as Hong Kong wire-fu and Japanese anime/manga adaptations. Set in a high school where martial-arts prodigies and psychic warriors roam the hallways, the film attempts a genre fusion that few Korean productions of the period dared to touch. Its premise promises delirious fun. Its execution, however, is considerably more uneven.